Answer Happy

The implications of the zero economic profit condition in a perfectly competitive market implies that the opportunity cost of capital is integrated into the firm's cost relationships. True False Question 7 The short-run supply curve of a perfectly competitive firm 5 pts O intersects the minimum point of its short-run average total cost curve but not its short-run average variable cost curve. intersects the minimum point of its short-run average variable cost curve but not its short-run average total cost curve. intersects the minimum point of both its short-run average variable cost and its short-run average total cost curves. O intersects the minimum point of its short-run average total cost curve and may or may not intersect the minimum point of its short-run average variable cost curve.