The marginal cost curve for a perfectly competitive firm is downward sloping over the entire range of output.

Name: The marginal cost curve for a perfectly competitive firm is downward sloping over the entire range of output.
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The marginal cost curve for a perfectly competitive firm is initially downward sloping, but eventually starts to increase due to the law of diminishing returns. This means that the marginal cost curve is U-shaped, not downward sloping over the entire range of output.

The Marginal Cost Curve for a Perfectly Competitive Firm Is