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What would the long-run supply and demand curves look like for the following:

At a given instant in time, with normal supply and demand curves, each supplier at equilibrium is about to become a demander for the equilibrium price.

An example: if the equilibrium price is $5 with a quantity of 10 (with 10 different suppliers), each of the 10 suppliers is willing to become a demander for a price of $5.

2007-03-16 05:42:38 · 2 answers · asked by CRMundhe1 1 in Social Science Economics

2 answers

The supply and demand curves could have lots of different slopes -- steep or not. All we know if that there is an equilibrium in the market at Q=10 and P=5.

2007-03-16 08:55:53 · answer #1 · answered by Allan 6 · 0 0

It would look like an X on the page.

The most standard graph.

2007-03-16 12:46:27 · answer #2 · answered by Santa Barbara 7 · 0 1

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