Study QA
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each of the black spaces below before clicking
on it to display the answer.
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| 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
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| The short-run market supply curve is | the summation of the short-run supply curves of of all firms in the market.
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| The ____________ firms there are in the market, the ____________ the market supply curve. | more; smoother
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| 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
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| 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.
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| 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.
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| 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.
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| 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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