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level set by the market Question 12 5 pts A firm\'s marginal cost curve above th

ID: 1110930 • Letter: L

Question

level set by the market Question 12 5 pts A firm's marginal cost curve above the average variable cost curve is equal to the firm's individual supply curve. This means that every time a firm receives a price from the market it will be willing to supply the amount of output where the price equals marginal cost. What happens to the firm's individual supply curve if marginal costs increase? O The firm will be willing to supply more units at every price level. O The firm will want to produce the same amount O The firm will be willing to supply fewer units at every price level. DQuestion 13 5 pts In long run equilibrium, all firms earrn

Explanation / Answer

Answer
Option third
the increase in marginal cost shifts marginal cost curve to left and up to the increase in MC decreases supply at all prices.

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