3947EconomicsMedium
For a competitive firm, its short run supply curve is ________ and its long run supply curve is ________?
ASMC below SAVC, LMC bellow LAC
BSMC above SAVC, LMC above LAC
CSMC, LMC
DSMC below SAVC, LMC above LAC
Correct answer
B. SMC above SAVC, LMC above LAC
Explanation
The correct answer is SMC above SAVC, LMC above LAC.