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The supply curve (or schedule) simply tells us the functional relationship between what two variables? What is the law of supply? The marginal cost curve

  1. The supply curve (or schedule) simply tells us the functional relationship between what two variables?
  2. What is the law of supply?
  3. The marginal cost curve tells us the functional relationship between what two variables?
  4. Given that profit maximizing firms produce a quantity (Q) where MC = MR, and given that under perfect competition MR = P, what is the relationship between supply and marginal costs?
  5. What explains the law of supply?

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