The short-run market supply curve for a perfectly competitive market is obtained by summing the part of each firm's
A) AVC curve that lies above its MC curve.
B) MC curve that lies above its AVC curve.
C) AVC curve that lies below the MC curve.
D) MC curve that lies below the AVC curve.
B
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The largest source of the federal tax revenue is ________
A) individual income taxes B) corporate income taxes C) excise taxes D) payroll taxes
Which of the following industries was not among the 10 leading industries in 1860?
a. boots and shoes b. printing and publishing c. machinery d. lumber
In the consumer choice problem, consumers are confronted with which of the following? a. A set of different consumer goods and services to choose from
b. A set of prices for those goods and services. c. A finite budget that constrains the quantity of goods and services that consumers can buy. d. Preferences or utility associated with consuming different quantities of each of the different goods and services. e. All of the above answers are correct.
If marginal cost of an additional unit of output is greater than average cost, then average cost will rise
a. True b. False Indicate whether the statement is true or false