A perfectly competitive firm's short-run supply curve is the: a. ...

[ec501234]

A perfectly competitive firm's short-run supply curve is the:
 a. segment of the marginal cost curve above average fixed cost.
  b. segment of the marginal cost curve above the minimum level of average variable cost.
  c. upward-sloping segment of the marginal cost curve.
  d. both a and b.

Question 2

If the price elasticity of demand coefficient equals 2, this means a 10 percent increase in price will result in a 20 percent decrease in the quantity demanded.
 a. True
  b. False
  Indicate whether the statement is true or false

[mjenn52]

Answer to Question 1

b

Answer to Question 2

True

[ec501234]

Wow, this really help

[raenoj]

Thanks for the timely response, appreciate it