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In which range of the aggregate supply curve is the price level constant?
Horizontal.
Why is the short-run aggregate supply curve horizontal if?
The short-run aggregate supply curve is horizontal if the economy is operating below full capacity, meaning there are unused resources like labor and capital. This indicates that firms can increase production without raising prices, resulting in a flat supply curve.
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.
How is a market supply curve similar to and different from an individual supply curve?
how is a market supply curve similar to and diffrent from an individual supply curve
What will cause a movement along a demand curve or along a supply curve?
If the world tilts to the left...
In which range of the aggregate supply curve is the price level constant?
Horizontal.
Why is the short-run aggregate supply curve horizontal if?
The short-run aggregate supply curve is horizontal if the economy is operating below full capacity, meaning there are unused resources like labor and capital. This indicates that firms can increase production without raising prices, resulting in a flat supply curve.
How is a market supply curve similar to an individual supply curve?
The individual supply curve is the supply curve of a single firm producing output. Now say there are X individual producers there at any price P* the total available output is the output of all X producers ( a horizontal summation) this total of each individual supply curve gives the market supply curve. Put it simply all firms sell their output in the market.
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.
How is a market supply curve similar to and different from an individual supply curve?
how is a market supply curve similar to and diffrent from an individual supply curve
What will cause a movement along a demand curve or along a supply curve?
If the world tilts to the left...
How do you Explain the difference between change in supply and change in quantity supplied?
A change in supply means that the supply curve has shifted. With a stable demand, this will result in a change in the quantity supplied but also a change in price. A change in only quantity supplied without a change in supply would require a horizontal supply curve. Alternatively a change in quantity supplied and price may occur if there is a shift of the demand curve.
What is the difference between horizontal curve and vertical curve vertical curve?
Horizontal curve is a curve viewed in the x and y plane, while a vertical curve is viewed in the y plane only, or viewed from the side. Think of it like a cake. the top is the horizontal and the front is the vertical
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.
Why demand curve slops downward from left to right?
The demand / supply graph is designed to have supply on the vertical axis (Y) and demand on the horizontal (X). Thus you will have a higher supply = lower demand, or lower supply = high demand.
Does monopolistically competitive firms have horizontal marginal cost curve?
No it does not. Only Perfectly Competitive firms have a horizontal Marginal Cost curve, which is also there demand curve.
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.
