Problem
1. What is a perfectly competitive firm's short-run supply curve?
2. How do we use firms' short-run supply curves to create the industry short-run supply curve?
3. What happens to short-run industry supply when firms' fixed costs change?
4. Define producer surplus. What is the relationship between profit, producer surplus, and fixed costs?
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.