What is the relationship between marginal cost and the short-run supply curve for the purely competitive firm?
What will be an ideal response?
Answer: From the shutdown point forward, they are the same thing.
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The above figure shows the U.S. market for wheat. When there is no international trade, consumer surplus is equal to ________
A) area A + area B + area C B) area A C) area E + area F D) area B + area C + area D E) area A + area B + area C + area D
You are a financial advisor and a client tells you he is concerned about the amount of risk in his portfolio. Assuming your client hasn't already done them, what two things can you suggest to reduce your client's risk? What additional information about reducing risk should you provide?
In this economic growth and production possibilities curve, what does point F represent compared to point B?
a. more housing units but the same number of food units
b. more housing units and more food units
c. more food units but the same number of housing units
d. the elimination of scarcity in housing and food
In the short run where total variable cost is _________ at a(n) _________ rate, marginal cost is positive and decreasing.
A) increasing; increasing B) increasing; decreasing C) decreasing; increasing D) decreasing; decreasing