Which part of a perfect competitor’s short-run marginal cost curve, SMC, is also its short-run supply curve, SS?

www.ThinkITI.com

307) Which part of a perfect competitor’s short-run marginal cost curve, SMC, is also its short-run supply curve, SS?

The whole of the SMC curve

he whole of the upward sloping part of the SMC curve

The part of the SMC curve above its intersection with the AVC curve

The part of the SMC curve above its intersection with the SAC curve

Answer is:

A change in the demand for the product it makes

A change in the number of other firms in its industry

A change in the price of a fixed input

A change in the price of a variable input

Answer is:

Only its LMC

Only its LMC and its LAC

Only its LMC and its SMC

Its LMC, LAC, SMC and SAC

Answer is:

If the industry has constant costs

If the industry has decreasing costs

If the industry has increasing costs

Never

Answer is:

They include monopolistic competitors and monopolists

They can always raise their prices and still retain some customers

They may set different prices in the short run and in the long run

We do not analyse them using diagrams with supply and demand curves

Answer is: