In a perfectly competitive industry, the short-run supply curve for the market is the:
a. marginal cost curve above the average total cost curve.
b. marginal cost curve above the average variable cost curve.
c. the sum of the individual supply curves for all firms in the industry.

A perfect competitive indsutry is a characterised by many firms selling homogenous goods and services. Firms are price takers and there are no barriers to entry or exit of firms in the industry.

The supply curve of a perfectly competitive firm in the short run is the part of the marginal cost curve that lies above the average variable cost curve.

A perfect competition maximises profit where price equals marginal cost.

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In a perfectly competitive industry, the short-run supply curve for the market is the: a. marginal cost curve above the average total cost curve. b. marginal cost curve above the average variable cost curve. c. the sum of the individual supply curves for all firms in the industry.

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In a perfectly competitive industry, the short-run supply curve for the market is the:
a. marginal cost curve above the average total cost curve.
b. marginal cost curve above the average variable cost curve.
c. the sum of the individual supply curves for all firms in the industry.