The Short-Run Supply Curve for a Competitive Industry Is Derived

question 24

Multiple Choice

The short-run supply curve for a competitive industry is derived by summing the _____ for each firm in the industry.

• A)portion of the marginal cost curves above average variable cost
• B)upward sloping portion of the average variable cost curve
• C)downward sloping portions of the marginal cost curve
• D)upward sloping portion of the average total cost curve

---

Definitions:

Market Price

The current price at which an asset or service can be bought or sold in a particular marketplace.

Sellers

Individuals or entities that offer goods or services for sale in the market.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing and able to supply.

Agricultural Workers

Individuals engaged in farming, cultivating land, and harvesting crops or livestock, often working in varying conditions.