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What is the shape of supply curve during the market period?
The supply curve during the market period is perfectly inelastic and vertical. This shows that the supply cannot be increased in the short run.
What is the shape of a market demand curve?
Usually market demand curves are downward sloping.
Why the aggregate supply curve has its particular shape?
The aggregate supply curve is positively sloped because at a higher price level, producers are more willing to supply more real output.
What factors determine the shape of the long run supply curve in perfect competition?
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.
What factors determine the shape of the marginal social benefit curve in a market economy?
The shape of the marginal social benefit curve in a market economy is determined by factors such as consumer preferences, externalities, government regulations, and the availability of substitutes.
What is the shape of supply curve during the market period?
The supply curve during the market period is perfectly inelastic and vertical. This shows that the supply cannot be increased in the short run.
What is the shape of the market demand curve?
Usually market demand curves are downward sloping.
What is the shape of a market demand curve?
Usually market demand curves are downward sloping.
Why the aggregate supply curve has its particular shape?
The aggregate supply curve is positively sloped because at a higher price level, producers are more willing to supply more real output.
What factors determine the shape of the long run supply curve in perfect competition?
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.
What factors determine the shape of the marginal social benefit curve in a market economy?
The shape of the marginal social benefit curve in a market economy is determined by factors such as consumer preferences, externalities, government regulations, and the availability of substitutes.
What is the difference between a demand graph and a supply graph?
A demand curve in the goods market is the set of price values at which a consumer is willing to purchase different quantities of a good. For example, if a candy bar costs $1.20, you might be willing to purchase 3 of them over a specified time period. But if that same candy bar cost $0.50, then you would purchase 5 of them over that same time period. The set of these price, quantity pairs when plotted in 2-dimensional space is called the demand curve for a good. Personal tastes/preferences, income and the prices of close substitute goods are determinants of the shape of a demand curve. A supply curve in the goods market is the set of price values at which a firm (supplier, manufacturer) is willing to produce different quanties of a good. For example, if a candy bar price is $0.75 a firm might be willing to produce 100 candy bars. If the price is $1.10, a firm might be willing to produce 180 candy bars. The set of these price, quantity pairs when plotted in 2-dimensional space is called the supply curve for a good. Cost of inputs and technology level are determinants of the shape of a supply curve.
How are prices for goods and services determined in a market economy?
Prices and wages are determined by the price mechanism. The price mechanism is the interaction of the demand and supply curve, or the demand and supply model.The answers below are referring to scenarios where there is no government intervention, when the market is a free market, or market economy.You have to draw the model to understand the theory. Prices of goods and services model, on the horizontal axis, or X axis is the quantity of goods; on the vertical axis, or Y axis, you have the prices of goods. You have your two curves: demand and supply. The demand curve is downward sloping, and the supply curve is upward sloping. The interaction of this two curves will result in the shape of the letter: X.There are two issues to consider.When the market is at equilibrium. This is the point where Supply=Demand. Like reading of a graph, the price of the good will be set at this level and the quantity of the good will be set at this amount. Here, the market is stable. On the long run(where factors of production are variable)When the market equilibrium changes due to the changes in demand and supply.When there is an increase in demand, the new demand curve will shift leftward. This will result in a new point where Demand Curve 2 interacts with original Supply Curve. This is the new price and quantity output, where price increases and quantity output increases compared to when the market was stable in Scenario 1.When there is a decrease in demand, the new demand curve will shift rightward. This will result in a new point where Demand Curve 3 interacts with original Supply Curve. This new price and quantity output, where price decreases and quantity output decreases compared to when the market was stable in Scenario 1.When there is an increase in supply, the supply curve will shift rightward. This will result in a new point where Supply Curve 2 interacts with original Demand curve. The price will be lower, and the output will increase compared to Scenario 1 when the market was stable.When there is a decrease in supply, the supply curve will shift leftward. This will result in a new point where Supply Curve 3 interacts with original Demand curve. The price of the good will increase, and the output will decrease compared to Scenario 1 when the market was stable.The above conditions are the same for the labor curve of the total labor work force, but changing the labels of to quantity of labor, and replacing Wages with Price.There are also shortages and surpluses on the short run that can be considered.Most importantly, market will always return to equilibrium on the long run.
What factors influence the shape of the market demand curve for a public good?
The shape of the market demand curve for a public good is influenced by factors such as the level of individuals' willingness to pay for the good, the number of people who benefit from the good, and the availability of substitutes for the good.
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
Describe the shape of a portion of the graph that corresponds to one period?
Two portions of the curve slopedown from left to right.
What shape is a Cooling curve graph?
A Cooling curve graph changes shape.
