The Short-Run Supply Curve for the Firm Operating in a Perfectly

question 16

Multiple Choice

The short-run supply curve for the firm operating in a perfectly competitive industry is:

• A)its marginal cost curve.
• B)its marginal cost curve above the minimum of average variable cost.
• C)its marginal cost curve above the minimum of average total cost.
• D)the average variable cost curve above average revenue curve.

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Definitions:

Photorespiration

The process that reduces the efficiency of photosynthesis in C3 plants during hot spells in summer; consumes oxygen and produces carbon dioxide through the degradation of Calvin cycle intermediates.

Rubisco

An enzyme that catalyzes the first step of carbon fixation in the process of photosynthesis.

Calvin Cycle

A biochemical process in plants, algae, and cyanobacteria which converts carbon dioxide and water into organic compounds, especially sugars, using ATP and NADPH produced in photosynthesis.

Glucose

An elementary sugar that is critical for energy production in living things and is included in a wide range of carbohydrates.