Question 25 Which statement(s) is/are true? I. In the short run, a competitive firm's supply curve is its marginal cost

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Question 25Which statement(s) is/are true?I. In the short run, a competitive firm's supply curve is itsmarginal costwhere marginal cost is greater than average variable cost.I. In the long run, a competitive firm's supply curve is perfectlyelastic atthe minimum of the average total cost.Ill. A competitive firm's short-run cost curve lies above thefirm's long-runcost curve, except where the short-run decision regarding the fixedfactorexactly coincides with the long-run choice.IV. In the long run, a competitive firm will remain in the industryprovidedprice is greater than the minimum of average variable cost.A. only I is correctB. both I and Ill are correctC. only Ill is correctD. both Il and IV are correct