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Module 5 Number 14 part b

Module 5 Number 14 part b - quantity demanded equals to...

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Draw the demand and supply curves. If this represents perfect competition, are the curves individual firm or market curves? How is the quantity supplied derived? Price Quantity Supplied Quantity Demanded 20 30 0 18 25 5 16 20 10 14 15 15 12 10 20 10 5 25 8 0 30 Solution: These are market depand curve as in a perfectly competitive market the demand curve face Quantity supplied in a perfectly competitive market is determined by the interaction of d
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Unformatted text preview: quantity demanded equals to quantity supplied. In this case the equ ed by a firm is a horizontal line i.e. demand does not changes with the change in price. demand and supply curve. Thus equilibrium level of quantity supplied is the level where uilibrium leve would be 15 units where the deman is equal to supply...
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