Asked by
Julissa Ramirez
on Dec 05, 2024Verified
A monopoly's short-run supply curve is its marginal cost curve above the minimum average variable cost.
Short-Run Supply Curve
A graphical representation showing the quantity of goods a firm is willing and able to supply at different prices in a given short-term period, holding some factors constant.
Marginal Cost Curve
A graph that displays how the expense of producing one additional unit of a good changes as production volume varies.
Average Variable Cost
The variable cost per unit of output.
- Understand the role of diminishing marginal returns in shaping a monopoly's supply curve.
Verified Answer
EZ
Learning Objectives
- Understand the role of diminishing marginal returns in shaping a monopoly's supply curve.