Which of the following is a correct description of the supply curve? i

Which of the following is a correct description of the supply curve? (B) i, ii, and iii

i. The supply curve is also the marginal cost curve. Yes. The marginal cost is the additional cost of an additional unit sold. Because this is the minimum price that a firm would be willing to accept for a unit of the product, the supply curve is derived from the marginal cost.

ii. The supply curve shows the dollars' worth of other goods that we must sacrifice to produce another unit of a good. Yes. The supply curve is the cost of producing the last unit of the good or service only. However, whenever the firm spends a dollar to produce one good or service, it must spend $1 less to produce a unit of a different good or service that it produces.

iii. The curve shows the additional cost of producing another of a good. Yes. This described the marginal cost, which as described in part A, is how supply is derived.