Asked by Heidi Clark on Jun 12, 2024
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The competitive firm's long-run supply curve is that portion of the marginal cost curve that lies above average
A) fixed cost.
B) variable cost.
C) total cost.
D) revenue.
Marginal Cost Curve
A graphical representation showing how the cost to produce one additional unit changes as more units are produced.
Long-Run Supply
A period sufficient for all inputs to production, including capital, to be varied, allowing for adjustments to changes in demand or technology.
Average Total Cost
The total cost of production divided by the total quantity produced, representing the per-unit cost of production.
- Recognize the significance of the market supply curve and its relation to individual firm supply in a competitive market.
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Learning Objectives
- Recognize the significance of the market supply curve and its relation to individual firm supply in a competitive market.
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