Asked by
Rianna Payne
on Nov 04, 2024Verified
The rising part of a perfectly competitive firm's marginal cost curve that is equal to or above points on its average variable cost curve is the firm's
A) normal profit curve.
B) economic profit curve.
C) short run supply curve.
D) long run supply curve.
Short Run Supply Curve
A graphical representation showing the quantity of goods or services that producers are willing and able to sell at different prices over a short period, assuming some production factors are fixed.
Marginal Cost Curve
A graphical representation showing how the cost to produce one additional unit changes as more units are produced.
- Understand the short-run supply curve of a competitive firm.
Verified Answer
KS
Learning Objectives
- Understand the short-run supply curve of a competitive firm.