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When does supply curve look like a demand curve?
When supply and demand are perfectly elastic/inelastic
What does the supply curve of a pure monopolist form look like?
The supply curve of a pure monopolist is not well-defined like that of a competitive firm because a monopolist sets prices based on demand rather than producing a specific quantity at a given price. Instead of a typical upward-sloping supply curve, a monopolist determines the quantity to produce by equating marginal cost with marginal revenue, and then uses the demand curve to set the price. Consequently, the monopolist's pricing and output decisions are influenced by the market demand, leading to a downward-sloping demand curve rather than a distinct supply curve.
What does A perfect elastic supply curve look like?
Demand and cost are inversely related, i.e., as the cost goes up, the demand goes down, and as cost goes down, demand goes up. So any two cost-demand curves are are inversely related constitute a perfect elastic supply curve.
What does a diagram of a perfectly competitive market look like?
A diagram of a perfectly competitive market typically shows a horizontal demand curve representing perfect competition, a horizontal supply curve at the market price, and a point where supply equals demand to show equilibrium. It also includes the producer and consumer surplus to illustrate market efficiency.
How does a demand curve influenced by goods of ostentation look like?
Inelastic which is mostly vertical with a slight tilt.
How would a reduction in production cost look like on a supply-demand diagram?
Additional details to the question: What would be the result? increase in supply? decrease in demand? etc...
What does the perfect competition graph look like in the long run?
In the long run, the perfect competition graph shows a horizontal demand curve and a downward-sloping supply curve intersecting at the equilibrium point, where price equals marginal cost. This results in maximum efficiency and zero economic profit for firms.
What does a change in supply look like on a graph?
A change in supply is represented on a graph by a shift of the supply curve to the left or right. If supply increases, the curve shifts to the right, indicating that producers are willing to supply more at each price level. Conversely, a decrease in supply shifts the curve to the left, showing that less is available at each price. This shift affects the equilibrium price and quantity in the market.
How does typical demand curve look like?
Assuming it is the curve of the number of items demanded against the price, it is a downward sloping or monotonic decreasing curve in the first quadrant. This means that, at any point, the curve is going from the top left to the bottom right.
In a market economy prices are determined by supply and demand. How is the price of an item affected if the supply goes down?
Price goes up ---> just look at a supply-demand curve. 1. Supply goes down so supply curve shifts to left 2. Find where it now intersects with demand curve (demand assumed to remain constant) 3. Follow it over to Price (Y axis) and you can see that price has gone up.
What happen increase in demand and decrease in supply?
The price for the good increases
What does a bell curve of IQ look like?
The "bell curve" of anything, with the peak of the curve supposedly at a score of 100.
