Question: So long as Price > Average Variable Cost , the perfectly competitive firm's supply curve is equal to Marginal Cost ( MC ) ATC (

So long as Price>Average Variable Cost , the perfectly competitive firm's supply curve is equal to
Marginal Cost ( MC)
ATC ( average total cost)
AVC (average variable cost)
Price (P)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

1 1 pts A production function describes how firms Group of answer choices combine capital, labor and other inputs to create products. describe demand conditions in their markets. determine the...

Q:

please help me answer these questions in economics 24. What are the effects on the number of firms, equilibrium price and output, and profits of such a seasonal shift in demand for e-retailers in...

Q:

In the price range above minimum average variable cost, a perfectly competitive firm's supply curve is Select one: A. the same as its total variable cost curve. B. vertical at zero output. C. the...

Q:

A business produces 10 units of output. Its average variable cost (AVC) = $25, average fixed cost (AFC) = $5, and marginal cost (MC) = $30. The firm's average total cost (ATC) is ________.

Q:

In the long run, if price is below the average variable cost, the perfect competitive firm should? a)keep operating b)shut down. c)set the price above average cost d)decrease sales. e)increase sales....

Q:

Please ans this McQ as soon as possible with explanation of 3no. Question. 1. Equilibrium price is $10 in a perfectly competitive market. For a perfectly competitive firm, MR = MC at 233 units of...

Q:

1. Equilibrium price is $10 in a perfectly competitive market. For a perfectly competitive firm, MR = MC at 233 units of output. At 233 units, ATC is $11, and AVC is $9. The best policy for this firm...

Q:

Economics 200 Bonus 1) Complete the table below: (7 points) Labor Capital | TP MP AP TFC TVC TC AFC AVC ATC MC 10 100 10 100 50 150 2.50 1.25 13.75 1.25 1 00 150 100 1 00 200 100 1 00 2.00 0.8 150...

Q:

The graph shows the costs curves for a blow drier firm. At 50 units, average variable cost (AVC) is $10; marginal cost (MC) is $16; average total cost (ATC) is $26. At 100 units, average variable...

Q:

1. Arrows up or down. When marginal cost is less than average cost, an increase in output_____ average cost. When marginal cost exceeds average cost, an increase in _____output average cost. 2. The...

Q:

Describe the job that you currently hold or hope to hold after graduation. Now look up that job in O*NETs database. Does the profile of the job fit your expectations? Are any task behaviors missing...

Q:

This data set gives the weights in kilograms of the crew members participating in the 2002 Boat Race between Oxford University and Cambridge University. (www.cubc.org.uk and www.ourcs.org) a. Make a...

Q:

Interpretar la relacin deuda capital, para el ao 2020 de 0.64, para el ao 2021 de 0.50, para el ao 2022 de 0.42, para el ao 2023 de 0.39, para el ao 2024 de 0.31

Q:

Ethical behavior requires people to go above and beyond satisfying legal requirements. It is important for businesses as well as for individuals to behave ethically. Your textbook describes at least...