The Supply Curve Found by Summing Up the Short-Run Supply

question 147

Essay

The supply curve found by summing up the short-run supply curves of all of the firms in a perfectly competitive industry is called the:
A.firm's marginal cost curve.
B.short-run market supply curve.
C.interim market supply curve.
D.competitive curve.

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Definitions:

Probability

Probability is the branch of mathematics that deals with the likelihood of a given event's occurrence, ranging between 0 (impossible event) and 1 (certain event).

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating the spread of data points.

Sampling Distribution

The distribution of probabilities for a certain statistic, originating from a random sample.

Normal Distribution

In this type of distribution, occurrences of data are more frequent near the mean and decrease in frequency as they move away from the mean, with the distribution being symmetric.