(I) a Firm's Short-Run Supply Curve Is Equal to Its

question 40

Multiple Choice

(I) A firm's short-run supply curve is equal to its average variable cost curve above marginal revenue. (II) The short-run supply curve for a price-taker market is the horizontal sum of the supply curves of all firms in the industry.

• A) I is true; II is false.
• B) I is false; II is true.
• C) Both I and II are true.
• D) Both I and II are false.

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Definitions:

Utilitarianism

An ethical theory that proposes that the best action is the one that maximizes utility, usually defined as that which produces the greatest well-being of the greatest number of people.

Virtue Ethics

The view that the central feature in the evaluation of people and their actions should be the character of the agent. Aristotle’s ethics are often described as a form of virtue ethics.

Care Ethics

A normative ethical theory that emphasizes interpersonal relationships and care or benevolence as a virtue in moral decision-making.

Morality

A system or code of conduct and principles that guides individual or societal judgments about what is right and wrong, good and bad.