When the price faced by a firm in a competitive market was $5, the firm produced

Question

When the price faced by a firm in a competitive market was $5, the firm produced nothing in the short run. However, when the price rose to $10, the firm produced 100 tons of output. From this we can infer that Answer the firm's marginal cost curve must be flat. the firm's marginal cost of production never falls below $5. the firm's average total cost of production was less than $10. the minimum value of the firm's average variable cost lies between $5 and $10. When the price faced by a firm in a competitive market was $5, the firm produced nothing in the short run. However, when the price rose to $10, the firm produced 100 tons of output. From this we can infer that the firm's marginal cost curve must be flat. the firm's marginal cost of production never falls below $5. the firm's average total cost of production was less than $10. the minimum value of the firm's average variable cost lies between $5 and $10. the firm's marginal cost curve must be flat. the firm's marginal cost of production never falls below $5. the firm's average total cost of production was less than $10. the minimum value of the firm's average variable cost lies between $5 and $10.

Explanation / Answer

the minimum value of the firm's average variable cost lies between $5 and $10

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