Illustrate the supply curve and also determinants of supply
Illustrate the supply curve and also determinants of supply?
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It shows direct relationship in upward sloping curve. A change in any of the supply determinants causes a change in supply and a shift in the supply curve. An increase in supply involves a rightward shift, and a decrease in supply involves a leftward shift.
The distinction between changes in quantity supplied due to price changes and a change or shift in supply due to change in determinants of supply.
Adam Smith and the “typical liberal” economists who followed within his footsteps viewed persistent monopolization and market power as: (1) ineffective and best regulated through government. (2) crucial in finding the rate of technological
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