Answered: A short-run supply curve for a…

A short-run supply curve for a competitive firm is the same as the: Answers: A. Marginal revenue curve. B. Marginal cost curve. C. Average variable cost curve. D. Average total cost curve.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 3CQQ

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Question

A short-run supply curve for a competitive firm is the same as the:


Answers:	A. Marginal revenue curve.
	B. Marginal cost curve.
	C. Average variable cost curve.
	D. Average total cost curve.

Definition Definition Measure of the cost of production per unit of output, including only variable costs such as wages, materials, and utilities. AVC is calculated by dividing total variable cost by the number of units produced. Understanding average variable cost is important for businesses to make decisions on pricing, production levels, and profitability.

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