For Prices Above the Minimum Average Variable Cost, a Perfectly

question 370

Multiple Choice

For prices above the minimum average variable cost, a perfectly competitive firm's supply curve is

• A) horizontal at the market price.
• B) vertical at zero output.
• C) the same as its marginal cost curve.
• D) the same as its average variable cost curve.

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Definitions:

Lobe-Finned Fish

Jawed fish with fins supported by internal bones; for example, a coelacanth or lungfish.

Homo Habilis

An extinct species of early human that lived approximately 2.1 to 1.5 million years ago, recognized for its use of stone tools.

Stone Tools

Prehistoric tools made from stone by early humans for cutting, scraping, and other activities.

Bipedal

The ability to walk on two legs, a key characteristic that differentiates humans and some other species from most animals.