Drop down list is the same for both questions, Thanks! The table below shows cos

Question

Drop down list is the same for both questions, Thanks!

The table below shows cost information for a perfectly competitive firm Average Variable Cost Quantity Marginal Cost Average Total Cost 2.00 5.00 9.00 14.00 20.00 27.00 35.00 2.00 3.50 5.33 7.50 10.00 12.83 16.00 13.50 12.00 12.50 14.00 16.16 18.86 5 curve if price is greater than The short run supply curve for the firm is the l average total cost or equal to $ curve if price is greater than or The long run supply curve for the firm is the ( (Click to select) equal to $

Explanation / Answer

Here for this firm the SR supply curve is "MC", if P > = 2, the minimum of AVC.

Now, the LR supply curve is "AVC" is P > = 2, minimum of AVC.

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