1. In a short run a perfect competitive firm will always make an economic profit if:
a. P = ATC
b. P> AVC
c. P = MC
d. P >ATC
2. In the short run, the individual competitive firm's supply curve is that segment of the:
a. average variable cost curve lying below the marginal cost curve
b. marginal cost curve lying above the average variable cost curve
c. marginal revenue curve lying below the demand curve
d. marginal cost curve lying between the average total cost and the average variable cost curves