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26 Nov 2019

A competitive firm's short-run supply curve is part of which of the following curves?

 

  1. Marginal revenue

  2. Average variable cost

  3.  Average total cost

  4. Marginal cost

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Deanna Hettinger
Deanna HettingerLv2
26 Nov 2019
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Related textbook solutions

Introductory Statistics
OER Edition, 2013
Openstax
ISBN: 9781938168208

Related questions

The mr = mc rule can be restated for a purely competitive seller as p = mc because:

  1. Each additional unit of output adds exactly its price to total revenue.

  2. The firm’s average revenue curve is downsloping.

  3. The market demand curve is down sloping.

  4. The firm’s marginal revenue and total revenue curves will coincide.

A monopolist's profit-maximizing price and output correspond to the point on a graph

 

  1. where average total cost is minimized

  2. where total costs are the smallest relative to price

  3. where marginal revenue equals marginal cost and changing the price on the market demand curve for that output

  4. where price is as high as possible

Refer to the diagram for a purely competitive producer. The firm's short-run supply curve is:

  1. the bcd segment and above on the MC curve.

  2. the cd segment and above on the MC curve.

  3. not shown.

  4. the abed segment and above on the MC curve.

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