A Perfectly Competitive Firm's Short-Run Supply Curve Is

question 243

Multiple Choice

A perfectly competitive firm's short-run supply curve is

• A)upward sloping and is the portion of the marginal cost curve that lies above the average total cost curve.
• B)upward sloping and is the portion of the marginal cost curve that lies above the average variable cost curve.
• C)perfectly elastic at the market price.
• D)horizontal at the minimum average total cost.

---

Definitions:

Trial Balance Preparation

The process of creating a trial balance, which is a bookkeeping worksheet listing the balance of all ledgers for checking the mathematical correctness of the books.

Account Balance

The amount of money in a financial repository at any given moment, which can represent credit or debit balances.

Horizontal Analysis

An analytical technique in financial statement analysis where the amounts of financial data for multiple periods are compared to detect trends and changes.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in the net income or loss.