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Perfect Competition Supply Curve and Elasticity of Supply
Автор: Let's Learn Economics
Загружено: 2025-12-22
Просмотров: 4
Описание:
In this video, we explore the concept of the supply curve under perfect competition and explain how elasticity of supply works in simple terms. You’ll learn why firms in a perfectly competitive market are price takers, how the short-run and long-run supply curves are formed, and what factors influence the responsiveness of supply to price changes.
🔍 What you’ll learn in this video:
Meaning and features of perfect competition
How the firm’s supply curve is derived
Difference between short-run and long-run supply curves
Concept of elasticity of supply
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