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A short-run individual supply curve shows how an individual producer's profit-maximizing output quantity depends on the market price, taking fixed costs as given.

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Romarie Khazandra Marijuan
Romarie Khazandra MarijuanLv10
8 Nov 2020
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Related questions

 

Please choose ( True or False or uncertain((( the teacher wantthe s answer with valid reasoning. please explain in details for each. Thanks

1) A profit-maximizing entrepreneur will minimize costs for a given output rather than maximizing output for a given cost.

2) A firm in a competitive industry has marginal revenue which depends on the shape of the consumers' demand curve.

3) In a competitive industry, the price elasticity of the aggregate industry supply curve will always be greater than or equal to the price elasticity of the supply of any individual firm.

The basic aggregate demand and aggregate supply curve model helps explain:
A) short-run fluctuations in real GDP and the price level.
B) long-term growth.
C) price fluctuations in an individual market.
D) output fluctuations in an individual market.
One reason the short-run aggregate supply curve slopes upward is due to the " stickiness" of input prices relative to output prices. This being the case, the firm's profit-maximizing output rises with the rise in prices, all else constant.
 
True or false?

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