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In class we looked at (short run) cost curves. a- Explain why the marginal cost curve intersects the average total and variable cost curves at their respective minimum values: b- At what point on the ATC will a perfectly competitive firm always produce in the long run

/in /by

In class we looked at (short run) cost curves.

a- Explain why the marginal cost curve intersects the average total and variable cost curves at their respective minimum values:

b- At what point on the ATC will a perfectly competitive firm always produce in the long run

c-The supply curve for a perfectly competitive firm is the same as one of the cost curves based on a specific criterion. State both the curve and the criterion:

 
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