What is the meaning of "supply functions"? (in economics)?
what is the meaning of "supply functions"?
Answer:
Supply functions describe the willingness of a firm to produce a good for a given price. OR, it describes the minimum price a firm is willing to accept for a given level of output.
So, the supply function is really the marginal-cost function.
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Answer:
Supply functions describe the willingness of a firm to produce a good for a given price. OR, it describes the minimum price a firm is willing to accept for a given level of output.
So, the supply function is really the marginal-cost function.
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