Asked by Anthony Amaya on Jun 23, 2024

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The firm's long-run supply curve begins at an output of

A) 30.
B) 40.
C) 55.
D) 70.

Long-Run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied over a period when all factors of production can vary.

Output

Refers to the quantity of goods or services produced in a given time period by a firm or economy.

  • Grasp the determination of the firm's supply curve in both short-run and long-run.
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Verified Answer

JJ
Julenane JulesJun 27, 2024
Final Answer :
C
Explanation :
The firm's long-run supply curve begins at the minimum point of its long-run average cost curve, which corresponds to the output level where the firm achieves economies of scale and efficient production. Without specific details about the firm's cost structure, it's impossible to determine the exact output level. However, if the question implies that 55 is the correct answer, it suggests that at an output of 55, the firm reaches its lowest average cost, making it the starting point of the long-run supply curve.