What is long run supply curve
Please brief the knowledge what is long run supply?
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Long run supply: It is a graph represents the long run supply curve.
Assume that you receive $18 worth of ‘jollies’ (that is, utility, satisfaction or pleasure) from the very first hole of golf played on a particular day, and that your extra jollies from succeeding the holes drops $1 for each and every hole played. You shou
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‘The country is at present in recession and this has led to worse tax revenue and high expenses. The effect is a huge deficit. The government decides to increase taxes and lower government expenses. Is this an excellent idea?’
Substitutes: The two goods for which a rise in the price of one good leads to a rise in the demand for another.
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