Multiple choice - microeconomics 41) Where is the competitive firm’s short-run supply curve located? A. the part of the average-variable-cost curve that lies above marginal cost B. the part of the marginal-cost curve that lies above average variable cost C. the part of the average-total-cost curve that lies above marginal cost D. the part of the marginal-cost curve that lies above average total cost 40) For any given price, a firm in a competitive market will maximize profit by selecting the level of output where price intersects which curve? A. marginal-revenue curve B. average-variable-cost curve C. marginal-cost curve D. average-total-cost curve
Multiple choice - microeconomics 41) Where is the competitive firm’s short-run supply curve located? A. the part of the average-variable-cost curve that lies above marginal cost B. the part of the marginal-cost curve that lies above average variable cost C. the part of the average-total-cost curve that lies above marginal cost D. the part of the marginal-cost curve that lies above average total cost 40) For any given price, a firm in a competitive market will maximize profit by selecting the level of output where price intersects which curve? A. marginal-revenue curve B. average-variable-cost curve C. marginal-cost curve D. average-total-cost curve
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Multiple choice -
41) Where is the competitive firm’s short-run supply curve located?
- A. the part of the average-variable-cost curve that lies above marginal cost
- B. the part of the marginal-cost curve that lies above
average variable cost - C. the part of the average-total-cost curve that lies above marginal cost
- D. the part of the marginal-cost curve that lies above
average total cost
40) For any given price, a firm in a competitive market will maximize profit by selecting the level of output where price intersects which curve?
- A. marginal-revenue curve
- B. average-variable-cost curve
- C. marginal-cost curve
- D. average-total-cost curve
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