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For what reason is a competitive tirm's marginal cost curve regarded as its supply curve? a. The position of the marginal cost curve determines the price for which the rm should sell its product. b. Among the various cost curves, the marginal cost curve is the only one that slopes upward. c. The marginal cost curve determines the quantity of output the firm is willing to supply at any price. d. The firm is aware that marginal revenue must exceed marginal cost in order for prot to be maximized. Which of these curves is the competitive firm's supply curve? a. the average variable cost curve, above marginal cost b. the average total cost cu rve, above marginal cost c. the marginal cost curve. above average variable cost d. the average fixed cost curve Gregory Mankiw] Principles of Microeconomics, lChapter 13 and 14 mid practises The irrelevance of sunk costs is best described by which of the following business decisions a. New airlines enter the market and earn profits. b. Airlines continue to sell tickets even though they are reporting large losses. c. Airlines exit the market when they report losses. d. Airlines raise ticket prices to cover sunk costs