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Author Question: A perfectly competitive firm's short-run supply curve is the: a. segment of the marginal cost curve ... (Read 99 times)

ec501234

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on: Jun 30, 2018
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


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mjenn52

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

True


ec501234

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

smrtceo

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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