A firm that has the ability to control to some degree the price of the product it sells

is also able to dictate the quantity purchased.

faces a demand curve that is inelastic throughout the entire range of market demand.

is a price maker.

faces a perfectly inelastic demand curve.

If in a perfectly competitive market, firms are facing a price below their average total cost but above average variable cost at the profit maximizing output, then

the industry supply will not change.

new firms are attracted to the industry.

some existing firms will exit the industry.

firms are breaking even.

The supply curve of a perfectly competitive firm in the short run is

the firm's average variable cost curve.

the portion of the firm's marginal cost curve below the minimum point of the average variable cost curve.

the portion of the firm's marginal cost curve above the minimum point of the average variable cost curve.

the portion of the firm's marginal cost curve above the minimum point of the average total cost curve.