Illustrate the Law of supply
Illustrate the Law of supply?
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1. Producers will produce and sell more of their product at a high price than at a low price.
2. Restated: There is a direct relationship between price and quantity supplied.
3. Explanation: Given product costs, a higher price means greater profits and thus an incentive to increase the quantity supplied.
4. Beyond some production quantity producers usually encounter increasing costs per added unit of output.
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Question: Suppose three identical firms are engaged in Cournot competition in quantities. They all have marginal costs equal to 40. Market demand is given by: Q : Explain the behavior of the workers Use Use the economic perspective to explain the behavior of the workers? Why do they work so diligently?
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