Problem
1. How is a firm's marginal cost curve related to the market supply curve?
2. Draw the ATC, AVC, and MC curves for a typical firm. Label the price at which the firm would shut down temporarily and the price at which the firm would exit the market in the long run.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.