When a manufacturer produces 25 tables, the marginal and average costs are both equal to $50 per table. A 26th table raises the marginal cost to $54 per table and the average cost to $52 per table. What is the firm's elasticity of supply when 25 table are produced?
An industry's output is produced at the lowest possible cost when
A. firms' marginal costs are equal.
B. firms minimize their average costs.
C. all firms earn the same profit.
D. output is evenly divided among the industry's firms.
A competitive firm's long-run supply curve is
A. horizontal at the firm's break-even price.
B. steeper than its long-run marginal cost curve.
C. identical to its long-run average cost curve.
D. more elastic than its short-run supply curve.
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