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. 
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