In a Market with a Fixed Number of Firms, as Long

question 371

Multiple Choice

In a market with a fixed number of firms, as long as price is above average

• A)variable cost, each firm's marginal-cost curve is its supply curve.
• B)variable cost, each firm's average-total-cost curve is its supply curve.
• C)total cost, each firm's marginal-cost curve is its supply curve.
• D)total cost, each firm's average-total-cost curve is its supply curve.

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Definitions:

Net Worth

The total value of an individual's or organization's assets minus its liabilities, representing the financial health or value.

Assets

Valuable items, resources, or properties owned by an individual, corporation, or country, which have economic value and can be converted into cash.

Liabilities

Financial obligations or debts that a company owes to others, which are expected to be paid in the future.

Economic Income

The total value of all income received over a period of time, including wages, rents, profits, and transfer payments.