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QuestionAnswer
The portion of a firm’s marginal cost curve that is above the average variable cost curve is the firm’s short run supply curve
The short-run market supply curve is the summation of the short-run supply curves of of all firms in the market.
The ____________ firms there are in the market, the ____________ the market supply curve. more; smoother
If the price for a product falls below the lowest minimum marginal cost of all firms producing that product, which of the following statements is true? All firms producing that product will shut down
Which of the following is not an assumption of the short-run market supply (SS) curve in a competitve market? There are very few firms producing the product.
Which of the following statements about the short-run market supply (SS) curve is not true? The short run market supply (SS) curve is applicable only to monopolistic firms.
When will the short-run market supply (SS) curve not exist? The short-run market supply (SS) curve will not exist when the price of the product falls below the lowest minimum marginal cost of all of the firms.
The short-run market supply (SS) curve assumes what about the level of production at which each firm will operate? Each firm will produce at the level where marginal cost equals price.
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