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Question 12:
What is the supply curve of a firm in the short run?
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Answer:
The short
run supply curve of perfect competitive firm is the summation of the
upward sloping portion of SMC (above the minimum point of SAVC), when
price ≥ min SAVC, and
vertical portion of price-axis, when price
The short
run supply curve of perfect competitive firm is the summation of the
upward sloping portion of SMC (above the minimum point of SAVC), when
price ≥ min SAVC, and
vertical portion of price-axis, when price