The Long-Run Supply Curve of an Individual Firm in Perfect

question 57

Multiple Choice

The long-run supply curve of an individual firm in perfect competition is the same thing as:

• A)the rising segment of its marginal cost curve, above average cost.
• B)the rising segment of its average cost curve.
• C)its entire average cost curve.
• D)that entire part of its total cost curve in which total cost rises or remains constant as output increases.
• E)none of the above.

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Definitions:

Bones

Rigid organs that form part of the endoskeleton of vertebrates, providing support, protection, and facilitating movement.

Facial Bone

Any of the bones surrounding and forming the human face, including the mandible, maxilla, and nasal bones.

Ethmoid

A spongy bone located between the eyes and forming part of the nasal cavity and the orbits of the eyes.

Maxillary

Pertaining to the maxilla, the upper jaw bone that holds the upper teeth and plays a key role in forming the structure of the face.