An informal introduction to shifts in the supply curve on a supply and demand diagram. From the website www.economicsrevealed.co.uk - teacher, lecturer and speaker Nick Langston-Able gives a brief explanation on supply and demand, the supply curve, and the factors which could shift the supply curve to the right including changes in the price of raw materials, cost of labour and changes in technology. He also refers to the the equilibrium point, excess demand, excess supply and the market mechanism.
how do i find the market supply curve in a competitive market given the individual demand curve,also the MC?If say there are 10 firms do i multiply MC*10?or do i change the Q in the MC (f.e.MC=4 +4q) somehow?
Thanx!
janellsiss 4 months ago