Question
What is the supply curve of a firm in Perfect
Competition?Solution
The individual supply curve shows how much output a firm in a perfectly competitive market will supply at any given price. Provided that a firm is producing output, the supply curve is the same as marginal cost curve. When market price is below Average variable cost (AVC), the firm will not produce and would shut down. As such, the supply curve in a perfectly competitive market would only be that part of MC curve which is above AVC. 
In each of the following questions, a word has been given and used in three statements. You are supposed to identify which of the statement/s use/s the ...
In the following question, a word has been used in sentences in THREE different ways. Choose the option corresponding to the sentences in which the usa...
In each of the following questions, a word has been given and used in three statements. You are supposed to identify which of the statements/s use/s th...
Parley
(i) When Abraham won the war, there ensued a brief parley between himself and the king of Sodom.
(ii) Raven had little desire to pa...
In the given question, a word has been given and there are three ways in which the word has been used, in similar or different forms. You need to see w...
Premier
I. The premier of the new film was attended by numerous celebrities from the industry.
II. ...
Select the correct synonym of the given word.
Scintillating
Notion
I. One common Chinese notion is that the elders ought to be respected.
II. I haven't the faintest notion what they mean.
III...
In the given question, a word has been given and there are three ways in which the word has been used, in similar or different forms. You need to see w...
In the given question, a word has been mentioned and there are three ways in which the word has been used in either similar or different ways. You are ...
