Unformatted text preview: Accounting Costs: Explicit (obvious) Economic Costs: Opportunity Costs = Explicit + Implicit Supply Curve: How much the producers are willing and able to provide at various prices, all else equal Higher Price means more quantity produced because the marginal cost will be lower than the marginal revenue for longer Change in supply - Supply curve shifts Increase in Supply...
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- Fall '07
- Economics, Supply curve shifts, term Production Considerations, Amt. of machines