Question

Which of the following statements is correct?

a. The positively sloped portion of a price-taking firm's short-run marginal cost curve, above its point of minimum short-run average variable cost, is this firm's short-run supply curve.

b. In the short-run, for prices below SAVC, the price-taking firm will choose to produce no output.

c. In the short-run, a price-taking firm will produce a level of output for which SMC = p, where p is the market price at which it sells its output.

d. All of the above