A Competitive Firm

question 19

Multiple Choice

A competitive firm:

• A)does not have a supply curve.
• B)has a supply curve only if it earns a profit.
• C)has a supply curve equal to its marginal cost curve above the minimum AVC point.
• D)has a supply curve equal to its marginal cost curve.

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Definitions:

Linear

Describes a structure, process, or mathematical function that proceeds or is arranged in a straight line or sequence.

Phosphine

A toxic, colorless, flammable gas with the chemical formula PH3, used in the semiconductor industry and as a pesticide.

Triangular Pyramid

A geometric solid with a triangular base and three faces that are also triangles, meeting at a single point called the apex.

Ammonia

A compound of nitrogen and hydrogen with the formula NH3, known for its sharp, pungent odor and use in fertilizers and cleaning products.