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Figure: Revenues, Costs, and Profits for Tomato Producers III
-(Figure: Revenues, Costs, and Profits for Tomato Producers III) Look at the figure Revenues, Costs, and Profits for Tomato Producers III. The market for tomatoes is perfectly competitive. The farm's short-run supply curve is the _____ cost curve above a price of _____.

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Figure: Revenues, Costs, and Profits for Tomato Producers III 
-(Figure: Revenues, Costs, and Profits for Tomato Producers III) Look at the figure Revenues, Costs, and Profits for Tomato Producers III. The market for tomatoes is perfectly competitive. The farm's short-run supply curve is the _____ cost curve above a price of _____.

Quizplus · Accepted Answer

In a perfectly competitive market, a firm's short-run supply curve is the portion of its marginal cost curve that lies above the average variable cost. Here, the price of $10 is the shutdown point, so the supply curve is the marginal cost curve above $10.

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