350-word essay citing this 1 source: Essentials of Economics, Fourth Edition, R. Glenn Hubbard & Anthony Patrick O’Brien, Pearson (2015) Standard essay format including introduction, body, and conclusion. The supply curve is relevant for a price-taker.
350-word essay citing this 1 source: Essentials of Economics, Fourth Edition, R. Glenn Hubbard & Anthony Patrick O’Brien, Pearson (2015) Standard essay format including introduction, body, and conclusion. The supply curve is relevant for a price-taker. There is no so supply curve of a price-maker. This is so because when a firm faces a downward sloping demand curve, there is no unique relationship between the price that it charges and the quantity that it sells. In part (i) of Fig. 6, two demand curves D0 and D1 both have marginal revenue curves that interest the same marginal cost curve at the same level of output q0. But because the demand curves are different, q0 is sold at p0 when the demand curve is elastic (D0) and at pi when the demand curve is inelastic (D1).
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