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A Is the market supply curve for a product more or less price elastic than the supply curve of one of the firms in the market Why?
Joeadonoo
The market supply curve of a product is more price elastic than the supply curve of one of the firms in the market. The reason is that for any given price change, the market quantity response reflects the change in output of all the firms in the market.
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∙ 10y ago
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How do a supply curve and a market supply curve differ?
A supply curve is a graph showing each and every price in that market, where as a Market supply curve shows the prices by all firms that offer the product for sale in a given market.
A leftward shift in supply curve of product x will increase equilibrium price to a greater extent?
the moe elastic the supply curve
What is difference between individual supply curve and market supply curve?
The difference between individual supply curve and the market supply curve is tat individual supply curve is like a firm. To be able to get the market supply curve you have to have the individual supply curve.
Why is world supply curve horizontal?
The world supply curve is considered perfectly elastic.
How is a market supply curve similar to and different from an individual supply curve?
how is a market supply curve similar to and diffrent from an individual supply curve
How do a supply curve and a market supply curve differ?
A supply curve is a graph showing each and every price in that market, where as a Market supply curve shows the prices by all firms that offer the product for sale in a given market.
A leftward shift in supply curve of product x will increase equilibrium price to a greater extent?
the moe elastic the supply curve
When a product is in demand what happens to the demand curve?
the market demand for the product. undefined. more inelastic than the market demand for the product. more elastic than the market demand for the product
What is difference between individual supply curve and market supply curve?
The difference between individual supply curve and the market supply curve is tat individual supply curve is like a firm. To be able to get the market supply curve you have to have the individual supply curve.
Why is world supply curve horizontal?
The world supply curve is considered perfectly elastic.
How is a market supply curve similar to and different from an individual supply curve?
how is a market supply curve similar to and diffrent from an individual supply curve
When does supply curve look like a demand curve?
When supply and demand are perfectly elastic/inelastic
What is a demand and supply curve?
A demand and supply curve is used in economic to show that in a competitive market, the price of a product will vary depending on the need of the consumers.
What is Demand and supply curve?
A demand and supply curve is used in economic to show that in a competitive market, the price of a product will vary depending on the need of the consumers.
A firm operating in a purely competitive resource market faces a resource supply curve that is?
B. Perfectly elastic This is because it is operating in a perfect competitive market
What are some affects to the market supply curve?
cost of labor a change in the demand for the product the number of sellers offering the product
Why is it difficult to judge elasticity of demand or supply if you are merely observing the appearance of a demand or supply curve on a graph?
Because it is basically curved shape, therefore, there are points/areas on the curve where the demand or supply will be elastic and on some other parts be inelastic. At the top of the curve, demand/supply tends to be inelastic and at the bottom of the curve, it tends to be elastic. Obviously, the more you go up the more we reach the perfectly inelastic demand/supply and the further you go down the curve, the more you reach the perfectly elastic demand/supply
