In January 2025
Answer to Question #232558 in Microeconomics for lavhesta
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. Marginal cost
The portion of the firm's marginal cost curve that is above its average variable cost curve is known as the shortrun supply curve. According to the law of supply, when the market price rises, the firm will supply more of its product.
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