Multiple Choice
A competitive price-taker firm's marginal cost curve is regarded as its supply curve because
A) the position of the marginal cost curve determines the price for which the firm should sell its product.
B) among the various cost curves, the marginal cost curve is the only one that slopes upward.
C) the marginal cost curve determines the quantity of output the firm is willing to supply at alternative prices.
D) the firm is aware that marginal revenue must exceed marginal cost in order for profit to be maximized.
Correct Answer:
Verified
Correct Answer:
Verified
Q207: Which of the following is necessary for
Q208: If a technological advance lowers a firm's
Q209: If occupational safety laws were changed so
Q210: The exit of existing firms from a
Q211: Which of the following factors will reduce
Q213: As the percentage of the labor force
Q214: If a firm is a price taker
Q215: If a competitive price-taking firm is operating
Q216: If a price-taker industry is in long-run
Q217: As the period for firms to expand