The ________ supply curve(s) of a perfectly competitive firm is the portion of its marginal cost curve that lies above its average variable cost curve.

A) long-run
B) short-run
C) short-run and long-run
D) A perfectly competitive firm faces no supply curve.

Short-Run

A period in which at least one factor of production is considered fixed, affecting the ability of businesses to change production levels.

Marginal Cost Curve

A graphical representation showing how the cost of producing one more unit of a good varies with the level of production.

Average Variable Cost

The total variable cost divided by the quantity of output produced, representing the cost of producing one more unit.