For a competitive firm, its short run supply curve is __ and its long run supply curve is _?

Question

Answer 1

A. SMC, LMC
B. SMC above SAVC, LMC above LAC
C. SMC below SAVC, LMC above LAC
D. SMC below SAVC, LMC bellow LAC

Correct Answer: SMC above SAVC, LMC above LAC ✔

Last Updated: June 11, 2019

For a competitive firm, its short run supply curve is ______ and its long run supply curve is _____?