The shape of the long run supply curve in perfect competition is determined by factors such as technology, input prices, and economies of scale. These factors influence the ability of firms to produce goods efficiently and at different levels of output, which in turn affects the overall shape of the supply curve.
factors which determine money supply is: open market operations, variable money supply bank rate policy.
it is a state in which market demand = market supply
Yes
The key factors that influence the dynamics of supply and demand in the market include consumer preferences, prices of goods and services, production costs, competition among producers, government regulations, and external factors such as economic conditions and technological advancements. These factors interact to determine the equilibrium price and quantity of goods and services in the market.
factor pricing means the payments made to various factors of production .for example- land,labour ,capital,entrepreneur gets rent,wages,interest and profit respectively for their contribution in production. under perfect competition supply of labour is perfectly elastic.(i.e. supply curve is drawn parallel to x-axis.). to understand factor pricing ,one needs to get acquainted with marginal productivity theory of production first which states that factors are paid the value of their marginal physical product.price of a factor is determined by its total demand and supply schedules.
factors which determine money supply is: open market operations, variable money supply bank rate policy.
it is a state in which market demand = market supply
demand and supply
Yes
The two main factors that determine price are supply and demand. When supply increases or demand decreases, prices tend to fall. Conversely, when supply decreases or demand increases, prices tend to rise.
The key factors that influence the dynamics of supply and demand in the market include consumer preferences, prices of goods and services, production costs, competition among producers, government regulations, and external factors such as economic conditions and technological advancements. These factors interact to determine the equilibrium price and quantity of goods and services in the market.
factor pricing means the payments made to various factors of production .for example- land,labour ,capital,entrepreneur gets rent,wages,interest and profit respectively for their contribution in production. under perfect competition supply of labour is perfectly elastic.(i.e. supply curve is drawn parallel to x-axis.). to understand factor pricing ,one needs to get acquainted with marginal productivity theory of production first which states that factors are paid the value of their marginal physical product.price of a factor is determined by its total demand and supply schedules.
Infinite amount of buyers and sellersHomogeneous goodsNo barriers to entryEveryone has perfect knowledge about the marketPrice is determined by supply and demand
The question doesn't provide any curve, because that's impossible on Answers.com. However it's easy to determine the equilibrium wage in a perfectly competitive market by equating the market demand for labour with the market supply of labour.
The weather,food supply
Independent action of buyers and sellers is crucial for perfect competition because it ensures that no single buyer or seller can influence market prices. In a perfectly competitive market, numerous participants make decisions based on their own preferences and information, leading to supply and demand dynamics that determine prices. This independence fosters transparency and efficiency, allowing resources to be allocated optimally. Without it, market distortions could arise, undermining the ideal characteristics of perfect competition.
?Perfect competition in a resource market means that there aremany small buyers of the resource, and that none can influencethe market. The supply curve is identical to the marginalresource cost curve (MRC), and is horizontal. The wage is givendirectly by the intersection of the supply line and MRP curve(which is the demand for labor).Graph G-MIC9.1