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Unformatted text preview: of all the individual firm's supply curves. The long-run market supply curve is found by examining the responsiveness of short-run market supply to a change in market demand. Consider the market demand and supply curves depicted in Figures 2 (a) and 2 (b). Here, the market demand curves are labeled D 1 , and D 2 , while the short-run market supply curves are labeled S 1 and S 2 . Figure 2 Long-run market supply curves...
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This note was uploaded on 11/19/2011 for the course ECO 1310 taught by Professor Staff during the Fall '10 term at Texas State.
- Fall '10