Multiple Choice
If firms in a competitive market have different cost functions, then
A) there is no short run market supply curve.
B) the market supply curve reflects those firms' operating envelopes, even in the short run.
C) some of the firms will shut down because their costs are too high to compete.
D) the firms' marginal costs will be different at the market price.
Correct Answer:
Verified
Correct Answer:
Verified
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