Question

In the short run, the individual competitive firm's supply curve is that segment of the:___________ a) marginal revenue curve lying below the demand curve. b) marginal cost curve lying above the average variable cost curve. c) marginal cost curve lying between the average total cost and average variable cost curves. d) average variable cost curve lying below the marginal cost curve.

Answer 1

In the short run, the individual competitive firm's supply curve is that segment of the: "marginal cost curve lying above the average variable cost curve."

What is the short run supply curve?

The short run supply curve of a business is the section of its marginal cost curve that is higher than its average variable cost curve.

According to the law of supply, when the market price rises, the company will supply more of its product.

A perfectly competitive business maximizes profit by generating the amount of production that equals the product's price and marginal cost.

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