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Y-AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the "vertical axis" that runs up and down.
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Lesson 16: Perfect Competition | Unit 4: Long-Run Equilibrium
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Page: 23 of 28
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Topic:
Long-Run Supply Curves
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- What is the industry's long-run supply curve?
- Three types of industries and long-run supply curves:
- Increasing-cost industry: Should input prices rise with greater industry-wide production, then the average cost of production rises.
- Decreasing-cost industry: Should input prices fall with greater industry-wide production, then the average cost of production falls.
- Constant-cost industry: Should input prices remain unchanged with greater industry-wide production, then the average cost of production are also constant.
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PRODUCTION COST The opportunity cost of using labor, capital, land, and entrepreneurship in the production of goods and services. The price received by a seller must be high enough to cover production cost. The law of supply is based on the proposition that production cost increases with an increase in the quantity produced and supplied.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at an auction trying to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for the last item on a shelf.
Your Complete Scope
This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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ADV FRT
Advance Freight
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