e Chegg Sudy l Guided 5, E) Homepage-ECON 1B0. Bonus Pre-Test Assignm : @ Take a
ID: 1113763 • Letter: E
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e Chegg Sudy l Guided 5, E) Homepage-ECON 1B0. Bonus Pre-Test Assignm : @ Take a Test-Aashraya l. x × × C Secure https://www.mathxl.com/Student/Player lestasp history d-96093 1 1/3201 //82&testid;=1/3201//g ccng econ xly62fsl Econ 1B03 Evening Section Aashraya Mehta Quiz: Bonus Pre-Test #3 Submit Quiz This Question: 1 pt 1 of 17 This Quiz: 20 pts possible A perfecty competitive firm's long-run supply curve is O A· the portion of the average variable cost curve that lies above the equilibrium price B. the portion ot the average total oost curve that les above the equlllbrium price 0 C, the portion of the marginal cost curve that lies above average variable costs O D· the portion of the marginal cost curve that lies above average total costs Click to select your answer Save for Later O Type here to search 2017-11-25Explanation / Answer
D) The portion of the marginal cost curve that lies above the average total cost .
In the long run, firm produces only at minimum average cost. In this situation, long run marginal cost, marginal revenue, average revenue and long run average cost are equal i.e., LMC=MR = AR=LAC (minimum). The firm is enjoying only normal profits.
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