Multiple Choice
The short-run supply curve of the perfectly competitive firm is given by
A) the rising portion of its MC curve over and above the shut-down point
B) the rising portion of its MC curve over and above the break-even point
C) the rising portion of its MC curve over and above the AC curve
D) the rising portion of its MC curve.
Correct Answer:

Verified
Correct Answer:
Verified
Q14: At the best, or optimum, short-run level
Q15: Marginal revenue of a firm is constant
Q16: A seller cannot influence the market price
Q17: When AR passes through minimum point of
Q18: Under perfect competition, MR curve is:<br>A)Horizontal<br>B)Vertical<br>C)Falling<br>D)Rising
Q20: At the shut-down point,<br>A)P =AVC<br>B)TR = TVC<br>C)the
Q21: 'Homogenous products' is a characteristic of:<br>A)Perfect competition
Q22: There are only a few sellers under<br>A)Perfect
Q23: Monopoly means:<br>A)Single firm<br>B)No close substitutes<br>C)Barriers to entry<br>D)All
Q24: Differentiated products is a characteristic of:<br>A)Monopolistic competition