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File Edit View Buddies Window Help courses.aplia.com Aplia: Student Question l Chegg.com 7. Short-run supply and long-run equilibrium Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph 100 T 90 80 70 t 70 60 50 40 30 20 10 AVC 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of pounds) The following diagram shows the market demand for titanium. 16

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The rising position of MC curve above the minimum point of AVC is supply curve.

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