Which describes the firms supply curve for the short run withperfect competition?O The section of MC that is above AVCO The section of MC that is above ATCThere is no supply curve since it depends on the slope of demandO The section of ATC to the right of its intersection with MCWhich describes the long run equilibrium situation for a firm inperfect competition?O Demand is sloping downward and tangent to ATCDemand is horizontal and tangent to the bottom of ATCO Demand is tangent to AVCO There are positive economic profits to motivate firms to keep producing

Which describes the firms supply curve for the short run with perfect competition? O The section of MC that is above AVC O The section of MC that is above ATC O There is no supply curve since it depends on the slope of demand O The section of ATC to the right of its intersection with MC

Which describes the firms supply curve for the short run with perfect competition? O The section of MC that is above AVC O The section of MC that is above ATC O There is no supply curve since it depends on the slope of demand O The section of ATC to the right of its intersection with MC

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 1SCQ: Firms ill a perfectly competitive market are said to be price takers that is, once the market...

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Question

Which describes the firms supply curve for the short run with
perfect competition?
O The section of MC that is above AVC
O The section of MC that is above ATC
There is no supply curve since it depends on the slope of demand
O The section of ATC to the right of its intersection with MC
Which describes the long run equilibrium situation for a firm in
perfect competition?
O Demand is sloping downward and tangent to ATC
Demand is horizontal and tangent to the bottom of ATC
O Demand is tangent to AVC
O There are positive economic profits to motivate firms to keep producing

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