The Short-Run Firm Supply Curve

You need to join a group and collaborate with other group members to answer the group discussion questions.

  • (The Short-Run Firm Supply Curve) Each of the following situations could exist for a perfectly competitive firm in the short run. In each case, indicate whether the firm should produce in the short run or shut down in the short run, or whether additional information is needed to determine what it should do in the short run.
  1. The total cost exceeds total revenue at all output levels.
  2. The total variable cost exceeds total revenue at all output levels.
  3. Total revenue exceeds the total fixed cost at all output levels.
  4. Marginal revenue exceeds marginal cost at the current output level.
  5. Price exceeds average total cost at all output levels.
  6. The average variable cost exceeds the price at all output levels.
  7. The average total cost exceeds the price at all output levels.

 


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