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What are the key differences between the long run supply curve and the short run supply curve in economics?
The key difference between the long run supply curve and the short run supply curve in economics is that the long run supply curve is more elastic and flexible, as firms can adjust their production levels and resources in the long run. In contrast, the short run supply curve is less elastic and more rigid, as firms have limited ability to change their production capacity in the short term.
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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.
What is the differences between Classical and Keynesian aggregate supply curve?
tor ma k 101 bar....
The supply curve shows the relationship between what?
the supply curve shows the relationship between
Supply-side economics means?
Very basically supply-side economics is a view on the economy which differs from the norm i.e. Keynesian economics. The differences are complicated and numerous but one key one is the aggregate supply cure, that is that Keynes (lord john maynard keynes) drew the LRAS curve as a horizontal line with a curve upwards at the end (i.e full employment) that is that to achieve full employment inflation will be caused the closer you get. Where as supply-side economists such as Friedman draw the LRAS curve as perfectly inelastic (i.e. vertical) as they believe that the current level of employment is always the maximum as the unemployed are voluntarily unemployed because they are unwilling to work for a low enough wage. There are numerous other differences and the one i have briefly tried to outline is a very brief and just a small insight into the differences.
How are supply schedule and supply curve related?
Supply schedule and supply curve and related in the sense that there exists an important relationship between supply and demand. The greater the supply curve, the greater the supply schedule.
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.
What is the differences between Classical and Keynesian aggregate supply curve?
tor ma k 101 bar....
The supply curve shows the relationship between what?
the supply curve shows the relationship between
Supply-side economics means?
Very basically supply-side economics is a view on the economy which differs from the norm i.e. Keynesian economics. The differences are complicated and numerous but one key one is the aggregate supply cure, that is that Keynes (lord john maynard keynes) drew the LRAS curve as a horizontal line with a curve upwards at the end (i.e full employment) that is that to achieve full employment inflation will be caused the closer you get. Where as supply-side economists such as Friedman draw the LRAS curve as perfectly inelastic (i.e. vertical) as they believe that the current level of employment is always the maximum as the unemployed are voluntarily unemployed because they are unwilling to work for a low enough wage. There are numerous other differences and the one i have briefly tried to outline is a very brief and just a small insight into the differences.
How are supply schedule and supply curve related?
Supply schedule and supply curve and related in the sense that there exists an important relationship between supply and demand. The greater the supply curve, the greater the supply schedule.
What role does supply and demand curve plays in economics?
The supply and demand curves are fundamental concepts in economics that illustrate how the price of a good or service is determined in a market. The demand curve shows the relationship between the price of a product and the quantity consumers are willing to purchase, while the supply curve reflects the relationship between price and the quantity producers are willing to sell. The intersection of these curves indicates the market equilibrium, where the quantity supplied equals the quantity demanded. Changes in external factors can shift these curves, affecting prices and quantities in the market.
In economics what is the meaning of the term 'demand curve'?
Graphical representation of law of demand that is change in quantity demanded due to change in price keeping other factors constant is demand curve. It is downward sloping as there is inverse relation between price and quantity demanded.
What is aggregate shock?
In economics, the supply curve in the aggregate supply and demand model shifts drastically to the left due to an inadequacy of resources or because the demand overpowers the supply.
What is the Phillips curve?
In economics it's the inverse relationship between inflation and unemployment.
What is the difference between supply function and supply curve?
supply function can be defined as the quantity of a good.
What best explains the purpose of a supply curve?
The purpose of a supply curve is to graph the relationship between quantity supplied and price charged.
What best explains the purpose of supply curve?
The purpose of a supply curve is to graph the relationship between quantity supplied and price charged.
