why are individual market supply curves, such as the supply of accountants, upward sloping, or positively sloped in Microeconomics?
The supply curve are upward sloping because at a higher price more and more people will be willing to supply their labor in the market as the opportunity cost of not working will increase at a higher wage and that will increase the supply of the labor. A higher price reflects a higher marginal cost for the work done that attracts more labor or output.
why are individual market supply curves, such as the supply of accountants, upward sloping, or positively...
The fundamental reason why most supply curves are upward sloping is that X a. consumers substitute lower-priced goods for higher-priced goods. Xb. the quantity supplied increases as more firms enter the market. a higher price never reduces quantity supplied by enough to lower total revenue and so higher 62 production is motivated. d. higher production raises the opportunity costs of production and so price must rise to induce more output. ethic
in a market with an upward sloping supply curve and a downward sloping demand curve, when there is an excess supply, a. b. c. The actual price must be higher that the equilibrium price. The actual price must be lower that the equilibrium price. The quantity demanded is higher than the equilibrium quantity.
In a perfectly competitive market, in the long run, the supply curve is ____________________. upward sloping vertical flat undetermined
An individual firm in a perfectly competitive market will face demand. Upward sloping Perfectly inelastic Perfectly elastic Cannot be determined from the information Downward sloping
What are the factors that affect Aggregate Demand and Aggregate Supply Curves? Why they are downward sloping, upward sloping and vertical, respectively? Answer
In a factor market characterized by monopsony, the supply of the factor to an individual firm is: Group of answer choices a. vertical. b. upward sloping. c. downward sloping. d. horizontal.
Consider a market free of government intervention and having a downward sloping demand curve and an upward sloping supply curve intersecting at some price P0. Write a short explanation of why any price higher than P0cannot be a free market equilibrium. Write a shortexplanation of why any price lower than P0cannot be a free market equilibrium. Now decrease supply a great deal and decrease demand until the curves no longer intersect (that is, the curves meet the vertical axis without...
Suppose there is a linear downward-sloping demand curve and a linear upward-sloping supply curve for some good. The price of a substitute good decreases and the price of an input to the production process also decreases. Both changes occur simultaneously. Graph the original demand and supply curves, and then graph new curves after the substitute good and input prices decrease. How will the equilibrium price and quantity change after the substitute and input prices decrease? Explain your answer in English...
If the long-run market supply curve in a perfectly competitive industry is upward sloping, then the industry: -is a constant-cost industry. -is an increasing-cost industry. -exhibits constant returns to scale. -exhibits increasing returns to scale. -is a decreasing-cost industry.
31 In perfectly competitive industries: A. the shont-run market supply curves are positively sloped в. long-rusniustry supply curve,are positively sloped. C. the short-run D. All of the above E. Only B and C are correct market supply curves are more clastic than the long-run industry supply curvers s3. Assame a perfectly-competitive, increasing-cost industry composed of identical firms is initially in long-run equilibrium. Given a decrease in demand, in the short ran: equilbrium price decreases, equilibrium output increases, the output of...