When the price faced by a firm in a competitive market was, Ask an Expert

Economics

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.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91835827

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