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What determines the quantity of a good that seller suply?
It's good to start with a definition of supply. Supply is the willingness and ability of a firm to supply a good (or service). Ultimately what determines the amount a firm supplies is the market price of the good. Most supply curves are upward sloping to the right (in other words a positive gradient) meaning that as price increases, supply extends. This is because as the price of the good goes up, the more willing and able a firm will be to produce a good. The supply curve is the firms marginal cost curve above above the average variable cost curve. This is because in the short run firms only need to cover their variable costs. Below this firms cannot survive and thus will not operate (this is known as the shut down condition). Ultimately the quantity of a good supplied is determined by the price. Hope that helps. Talha Emir Kaplan
What is needed to dertermine the equilibrium of a good or service?
by finding where the supply curve and the demand curve intersect
What is needed to determine equilibrium price of a good or a service?
a supply curve and a demand curveA supply curve and a demand curve.
What happens to a supply curve if a tax on a good is repealed?
The supply curve of that good will increase or move to the right because the cost of production will have decreased.
Shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
What determines the quantity of a good that seller suply?
It's good to start with a definition of supply. Supply is the willingness and ability of a firm to supply a good (or service). Ultimately what determines the amount a firm supplies is the market price of the good. Most supply curves are upward sloping to the right (in other words a positive gradient) meaning that as price increases, supply extends. This is because as the price of the good goes up, the more willing and able a firm will be to produce a good. The supply curve is the firms marginal cost curve above above the average variable cost curve. This is because in the short run firms only need to cover their variable costs. Below this firms cannot survive and thus will not operate (this is known as the shut down condition). Ultimately the quantity of a good supplied is determined by the price. Hope that helps. Talha Emir Kaplan
What is needed to dertermine the equilibrium of a good or service?
by finding where the supply curve and the demand curve intersect
What is needed to determine equilibrium price of a good or a service?
a supply curve and a demand curveA supply curve and a demand curve.
What is needed to determine the equilibrium price of a good or services?
a supply curve and a demand curveA supply curve and a demand curve.
What happens to a supply curve if a tax on a good is repealed?
The supply curve of that good will increase or move to the right because the cost of production will have decreased.
What is the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
Shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
Why do the firms or suppliers of a good in such markets face a perfectly elastic demand curve?
The price
What is the difference between supply function and supply curve?
supply function can be defined as the quantity of a good.
Which of the following is shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
What is shown by the intersection of supply curve and the demand curve?
the equilibrium price of a good or service
When any effort by government causes the supply of a good to rise what happens to the supply curve for that good?
It shifts to the right.
