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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

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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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
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