Why is a competitive firm’s marginal-cost curve regarded as its supply curve?

Question

Accepted Answer

The marginal cost curve determines the quantity of output the firm is willing to supply at any price.

Answer

The firm is aware that marginal revenue must exceed marginal cost in order for profit to be maximized.

Answer

none of the above

Answer

Among the various cost curves, the marginal-cost curve is the only one that slopes upward.

Answer

The position of the marginal-cost curve determines the price for which the firm should sell its product.

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