Asked by
Maggie Delevie
on Oct 27, 2024Verified
The short-run industry supply curve is the sum of the individual supply curves of all of the firms in the industry,given a fixed number of firms.
Industry Supply Curve
A graphical representation showing the total quantity of a good that producers in an industry are willing to supply at various prices.
Individual Supply Curves
Graphical representations that show the relationship between the price of a good and the quantity of the good that a single producer is willing to supply.
Short-run
A period of time in which at least one input is fixed and cannot be changed, affecting the capacity to adjust production levels.
- Acquire an understanding of the factors influencing supply and demand in markets across brief and extended intervals.
Verified Answer
AM
Learning Objectives
- Acquire an understanding of the factors influencing supply and demand in markets across brief and extended intervals.