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Question 1 Which of the following best describes the relationship between the short run supply curve...

Question 1 Which of the following best describes the relationship between the short run supply curve of a single firm and its MC curve?

options:

They are exactly the same

They are not related

The short run supply curve is the part of MC curve above ATC

The short run supply curve is the part of MC curve above AVC

Question 6 In the long run, the market supply curve in a competitive market ____________

options:

is downward sloping

is horizontal

is upward sloping

may be upward sloping, downward sloping or horizontal
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Answer #1

1) The short run supply curve is the part of MC curve above AVC

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