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1. Suppose we are looking at the short-run supply behavior of a competitive firm. Graphically explain: (1) The firm's short-run supply curve is the marginal-cost

1. Suppose we are looking at the short-run supply behavior of a competitive firm. Graphically explain: (1) The firm's short-run supply curve is the marginal-cost curve. (2) When the output price is below the shut-down price, the firm will shut down temporarily. (Hint: Explain what is the shut-down price first)

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