Under perfect competition, the firm's supply curve is their

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Under perfect competition, the firm's supply curve is the entire marginal cost curve. This is because in the long run, firms will produce at the minimum efficient scale, where average total cost is at a minimum. Therefore, the firm will produce where price equals marginal cost, which is the minimum point on the marginal cost curve. As a result, the entire marginal cost curve represents the firm's willingness to supply at each price level.

Under Perfect Competition, the Firm's Supply Curve Is Their