A competitive firm's short-run supply curve is part of which of the following curves?
a. marginal revenue
b. average variable cost
c. average total cost
d. marginal cost
d
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In the figure above, the deadweight loss from the tariff is ________
A) $32 million B) $80 million C) $16 million D) zero
At the rate of output where a monopolist's marginal revenue equals zero, what is the price elasticity of demand for the monopolist's product or service?
a. Zero b. Unitary c. Infinity d. Indefinite
Refer to Figure 3.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, if the market quantity demanded is 5, the price must be:
A. $3. B. $6. C. $9. D. $12.
Peter consumes bags of potato chips and cans of soft drink. The marginal utility of bags of potato chips is 10 utils per bag and the marginal utility of cans of soft drink is 50 utils per can. Potato chips cost $0.50 a bag, and a can of soft drink costs $1.00. What should Peter do?
A. Peter should buy more soft drink, because it costs less. B. Peter should buy more chips and less soft drink. C. Peter should buy more soft drink and fewer potato chips. D. Peter should eat more chips, because they cost less.