The Short-Run Individual Supply Curve for a Perfectly Competitive Firm

question 135

True/False

The short-run individual supply curve for a perfectly competitive firm is given by the marginal cost curve above minimum average fixed cost.

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Definitions:

Stimulus

A stimulus is something that causes a response or reaction in an organism or in any of its parts.

Just Noticeable Difference

The smallest difference in stimulation that a person can detect 50% of the time, also known as the threshold of sensation.

Sensory Adaptation

The process by which sensory receptors change their sensitivity to a stimulus over time, often resulting in diminished sensitivity to a constant stimulus.

Constant Movement

Continuous physical activity or motion without stopping.