The competitive firm's long-run supply curve is that portion of the marginal-cost curve that lies above which average cost

Name: The competitive firm's long-run supply curve is that portion of the marginal-cost curve that lies above which average cost
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In the long run, a competitive firm's supply curve is the portion of the marginal cost curve that lies above the average total cost curve, as firms will only supply output if they can cover all their costs, including both fixed and variable costs.

The Competitive Firm's Long-Run Supply Curve Is That Portion of the Marginal-Cost