Choose one

Which statement is true? O In the short run a competitive firm's supply curve is its marginal cost where marginal cost is greater than average total cost. O In the long run a competitive firm's supply curve is perfectly elastic at the minimum of average total cost. O A competitive firm's short-run cost curve lies above the firm's long-run cost curve, except where the short- run decision regarding the fixed factor exactly coincides with the long-run choice. O In the long run a competitive firm will remain in the industry provided price is greater than the minimum of average variable cost