Suppose there are 10 firms in this market, each of which has the cost curves previously shown. On the following graph, use the orange points (square symbol) to plot points along the portion of the market short-run supply curve that corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.) Then, place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. 100 90 Market Short-Run Supply 80 Demand 70 60 Equilibrium 50 40 30 20 10 50 100 150 200 250 300 350 400 450 500 QUANTITY (Thousands of shirts) At the current short-run market price, firms will. in the short run. In the long run, PRICE (Dollan per shirt)
Suppose there are 10 firms in this market, each of which has the cost curves previously shown. On the following graph, use the orange points (square symbol) to plot points along the portion of the market short-run supply curve that corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.) Then, place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. 100 90 Market Short-Run Supply 80 Demand 70 60 Equilibrium 50 40 30 20 10 50 100 150 200 250 300 350 400 450 500 QUANTITY (Thousands of shirts) At the current short-run market price, firms will. in the short run. In the long run, PRICE (Dollan per shirt)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Suppose there are 10 firms in this market, each of which has the cost curves previously shown.
On the following graph, use the orange points (square symbol) to plot points along the portion of the market short-run supply curve that corresponds
to prices where there is positive output. (Note: You are given more points to plot than you need.) Then, place the black point (plus symbol) on the
graph to indicate the short-run equilibrium price and quantity in this market.
100
90
Market Short-Run Supply
80
Demand
70
60
Equilibrium
50
40
30
20
10
50
100
150 200 250 300 350 400
450
500
QUANTITY (Thousands of shirts)
At the current short-run market price, firms will.
in the short run. In the long run,
PRICE (Dollan per shirt)
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