14. The short-run supply curve for a perfectly competitive firm is its(A) marginal cost curve above the horizontal axis.(B) marginal cost curve above its shutdown point.(C)average cost curve above the horizontal axis.(D) average cost curve above its shutdown point.

19. Which of the following statements is FALSE?(A) In the short run, a monopolist might operate even though it is incurring an economic loss but in the short run a perfectly competitive firm always shuts down if it is incurring an economic loss.(B) A monopoly can earn an economic profit in the long run but a perfectly competitive firm cannot.(C)A monopoly can set its price while a perfectly competitive firm cannot.(D) A monopoly is protected by barriers to entry while a perfectly competitive firm is not.

14. The short-run supply curve for a perfectly competitive firm is its
(A) marginal cost curve above the horizontal axis.
(B) marginal cost curve above its shutdown point.
(C)average cost curve above the horizontal axis.
(D) average cost curve above its shutdown point.

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