How is the market supply curve found? In what ways is the process similar to the way the market demand curve is determined? In what ways are they different?
What will be an ideal response?
The market supply curve is obtained by horizontally adding individual supply curves. The quantity supplied by each firm for a given price is added up to get the quantity supplied by the market. The process is identical to that for finding the market demand curve. The only difference is that the market demand curve slopes down and the market supply curve slopes up.
Economics
You might also like to view...
In the 1990s, inflation in the United States was
a. very close to zero. b. about 3 percent per year. c. about 6 percent per year. d. commonly referred to as "public enemy number one.".
Economics
One of the initial problems facing the newly elected President Clinton was a large budget deficit.
Answer the following statement true (T) or false (F)
Economics