Whether the given statement is true or false.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 9, Problem 1QP

To determine

Whether the given statement is true or false.

Expert Solution & Answer

Explanation of Solution

Technically, the statement the “firm’s entire marginal cost curve is its short-run supply curve”, which is not true. The marginal cost curve and its short-run supply curve are different. The short-run supply curve is the firm’s entire marginal cost curve only when the price of the goods is above the minimum point of the average cost curve. A firm must cover its variable cost in the short run.

Economics Concept Introduction

Marginal cost (MC): Marginal cost refers to the amount of additional costs incurred in the process of increasing one more unit of output. Marginal cost curve shows the additional cost for the different levels of output.

Short-run supply curve: In the short run, it is a curve that shows the relationship between the price level in the economy and the supply in the economy by the firms.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

• 3 different people working at any companies under the BPO industry in the Philippines. • What are the 3 different Vision, Mission, Duties and Responsibilities and Career Path of these people in their companies under the BPO industry?

Module 6 ⚫(1902) Buckner C X | (1902) How to d x (1902) Buckner F X (1902) Productic X WP Videoplayer Canvas Login | Ir x | + Σ R mybrcc.instructure.com/courses/417310/discussion_topics/3420114?module_item_id=20155705 Spring 2025 Home Announcements Modules Syllabus Grades 8 People BRCC-_Library DLASC Module 6 Discussion - Business Costs Relaunch to update For this discussion, think about where you work or a business you have a significant amount of knowledge about. What is a common product that the business sells? What are the main costs the business has to incur in order to be able to sell that product? Which of these costs are fixed and which are variable? How much additional costs would be incurred if it were to sell one additional unit of that product (marginal cost)? Write a discussion thread about this business, the product it commonly sells, and your answers to the above questions. Also, respond to at least two threads created by your classmates. In these responses, share what…

Refer to the video to answer the following: • what are all the key policies or all the strategies the Philippine government should prioritize to accelerate sustainable economic growth? • these should consider the Philippines current economic challenges, including inflation, unemployment, and the need for digital transformation. "The Philippines' Strong Economic Growth" (YouTube link: https://youtu.be/1YtEoGp2ZeM?siJQfIv5kbu0txVsLL.)

Answer 2

Question

Chapter 9, Problem 1QP

To determine

Whether the given statement is true or false.

Expert Solution & Answer

Explanation of Solution

Technically, the statement the “firm’s entire marginal cost curve is its short-run supply curve”, which is not true. The marginal cost curve and its short-run supply curve are different. The short-run supply curve is the firm’s entire marginal cost curve only when the price of the goods is above the minimum point of the average cost curve. A firm must cover its variable cost in the short run.

Economics Concept Introduction

Marginal cost (MC): Marginal cost refers to the amount of additional costs incurred in the process of increasing one more unit of output. Marginal cost curve shows the additional cost for the different levels of output.

Short-run supply curve: In the short run, it is a curve that shows the relationship between the price level in the economy and the supply in the economy by the firms.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 9, Problem 1QP

To determine

Whether the given statement is true or false.

Expert Solution & Answer

Explanation of Solution

Technically, the statement the “firm’s entire marginal cost curve is its short-run supply curve”, which is not true. The marginal cost curve and its short-run supply curve are different. The short-run supply curve is the firm’s entire marginal cost curve only when the price of the goods is above the minimum point of the average cost curve. A firm must cover its variable cost in the short run.

Economics Concept Introduction

Marginal cost (MC): Marginal cost refers to the amount of additional costs incurred in the process of increasing one more unit of output. Marginal cost curve shows the additional cost for the different levels of output.

Short-run supply curve: In the short run, it is a curve that shows the relationship between the price level in the economy and the supply in the economy by the firms.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 9, Problem 1QP

To determine

Whether the given statement is true or false.

Expert Solution & Answer

Explanation of Solution

Technically, the statement the “firm’s entire marginal cost curve is its short-run supply curve”, which is not true. The marginal cost curve and its short-run supply curve are different. The short-run supply curve is the firm’s entire marginal cost curve only when the price of the goods is above the minimum point of the average cost curve. A firm must cover its variable cost in the short run.

Economics Concept Introduction

Marginal cost (MC): Marginal cost refers to the amount of additional costs incurred in the process of increasing one more unit of output. Marginal cost curve shows the additional cost for the different levels of output.

Short-run supply curve: In the short run, it is a curve that shows the relationship between the price level in the economy and the supply in the economy by the firms.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 9, Problem 1QP

To determine

Whether the given statement is true or false.

Expert Solution & Answer

Explanation of Solution

Technically, the statement the “firm’s entire marginal cost curve is its short-run supply curve”, which is not true. The marginal cost curve and its short-run supply curve are different. The short-run supply curve is the firm’s entire marginal cost curve only when the price of the goods is above the minimum point of the average cost curve. A firm must cover its variable cost in the short run.

Economics Concept Introduction

Marginal cost (MC): Marginal cost refers to the amount of additional costs incurred in the process of increasing one more unit of output. Marginal cost curve shows the additional cost for the different levels of output.

Short-run supply curve: In the short run, it is a curve that shows the relationship between the price level in the economy and the supply in the economy by the firms.

Answer 6

Chapter 9, Problem 1QP

To determine

Whether the given statement is true or false.

Expert Solution & Answer

Explanation of Solution

Technically, the statement the “firm’s entire marginal cost curve is its short-run supply curve”, which is not true. The marginal cost curve and its short-run supply curve are different. The short-run supply curve is the firm’s entire marginal cost curve only when the price of the goods is above the minimum point of the average cost curve. A firm must cover its variable cost in the short run.

Economics Concept Introduction

Marginal cost (MC): Marginal cost refers to the amount of additional costs incurred in the process of increasing one more unit of output. Marginal cost curve shows the additional cost for the different levels of output.

Short-run supply curve: In the short run, it is a curve that shows the relationship between the price level in the economy and the supply in the economy by the firms.

Answer 7

Chapter 9, Problem 1QP

To determine

Whether the given statement is true or false.

Answer 8

Expert Solution & Answer

Explanation of Solution

Technically, the statement the “firm’s entire marginal cost curve is its short-run supply curve”, which is not true. The marginal cost curve and its short-run supply curve are different. The short-run supply curve is the firm’s entire marginal cost curve only when the price of the goods is above the minimum point of the average cost curve. A firm must cover its variable cost in the short run.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Marginal cost (MC): Marginal cost refers to the amount of additional costs incurred in the process of increasing one more unit of output. Marginal cost curve shows the additional cost for the different levels of output.

Short-run supply curve: In the short run, it is a curve that shows the relationship between the price level in the economy and the supply in the economy by the firms.

Answer 12

Ch. 9.1 - Prob. 1ST Ch. 9.1 - Prob. 2ST Ch. 9.1 - Prob. 3ST Ch. 9.1 - Prob. 4ST Ch. 9.2 - Prob. 1ST Ch. 9.2 - Prob. 2ST Ch. 9.2 - Prob. 3ST Ch. 9.2 - Prob. 4ST Ch. 9.3 - Prob. 1ST Ch. 9.3 - Prob. 2ST

Whether the given statement is true or false.

Whether the given statement is true or false.

Explanation of Solution

Want to see more full solutions like this?

Chapter 9 Solutions