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254.In perfect competition, which of the following string of equalitites is always true in the short run?

255.The short-run supply curve for a perfectly competitive firm is the

256.Suppose that, in the short run, the price of a key variable input decreases. How will this affect the marginal cost, average total cost, average fixed cost, and average variable cost curves? Marginal Cost Average Total Cost Average Fixed Cost Average Variable Cost

257.Suppose that, in the short run, the price of a key fixed input increases. How will this affect the marginal cost, average total cost, average fixed cost, and average variable cost curves? Marginal Cost Average Total Cost Average Fixed Cost Average Variable Cost

258.If a perfectly competitive firm observes the market price rising, the firm will __________ output along the

__________ curve.

unit of output brings in more

dollars of revenue than it costs to produce, output increases.