GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The concept of supply curve as used in economic theory is relevant only for the case of
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Oligopoly
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Monopoly
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Monopolistic competition
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Perfect or pure competition
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Explanation:
Detailed explanation-1: -supply curve, in economics, graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply. Product price is measured on the vertical axis of the graph and quantity of product supplied on the horizontal axis.
Detailed explanation-2: -A Firm’s Short-Run Supply Curve in a Perfectly Competitive Market. The supply curve (from Chapter 2) shows the quantity supplied at each price. Individual firms will choose to produce where price equals marginal cost; the short-run supply curve is equal to the short-run marginal cost curve.
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