- In competitive industries, the nature of supply is such that increases in the price of a product will cause increases in the quantity supplied.
- Increases in supply will shift the supply curve to the right, while decreases in supply will shift the curve to the left.
- If the quantity supplied does not increase significantly in response to a price increase, supply is “inelastic,” while supply is “elastic” if price increases cause large increases in the quantity supplied.
- In competitive markets, supply and demand interact freely to determine the equilibrium price and quantity, which will change as supply and/or demand change.
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