In the context of a perfectly competitive firm, what represents its short-run supply curve and its long-run supply curve respectively?

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Short-run marginal cost (SMC), long-run marginal cost (LMC)SMC curve above the short-run average variable cost (SAVC), LMC curve above the long-run average cost (LAC)SMC curve below the short-run average variable cost (SAVC), LMC curve above the long-run average cost (LAC)SMC curve below the short-run average variable cost (SAVC), LMC curve below the long-run average cost (LAC)None of the above

Explanation

For a competitive firm, the short-run supply curve corresponds to the portion of the short-run marginal cost (SMC) curve that lies above the short-run average variable cost (SAVC). Similarly, the long-run supply curve is represented by the segment of the long-run marginal cost (LMC) curve that is above the long-run average cost (LAC). This is because the firm will only supply output when price covers variable costs in the short run and average costs in the long run.