Trusted by Students Everywhere
Why Choose Us?
0% AI Guarantee

Human-written only.

24/7 Support

Anytime, anywhere.

Plagiarism Free

100% Original.

Expert Tutors

Masters & PhDs.

100% Confidential

Your privacy matters.

On-Time Delivery

Never miss a deadline.

The long-run supply curve shows the relationship between _____ (price/quantity supplied) on the horizontal axis and _____ (quantity supplied/price) on the vertical axis

Economics Dec 08, 2020

The long-run supply curve shows the relationship between _____ (price/quantity supplied) on the horizontal axis and _____ (quantity supplied/price) on the vertical axis.

Expert Solution

The long-run supply curve the relationship between the quantities supplied on the horizontal axis and the price on the vertical axis.

The long-run supply curve indicates the price and the general production of a particular economy (real GDP). The curve indicates the long-run changes in prices and their relation to change in the supply quantity at that given period. A price change may change the quantity supplied according to the law of supply. When prices increase, supply quantity also increases, and vice versa. However, in the long-run, price changes are recognized better than in the short-run. Mostly, prices are constant in the short-run and vary in the long-run due to changes in technology, demand, competition, prices, etc.

Archived Solution
Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In
Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution
Get Custom Quote
Secure Payment