Examlex
-This figure illustrates the circulation of
Industry Supply Curve
A graphical representation showing the relationship between the price of a good and the total output supplied by all firms in the industry.
Production Function
A mathematical model that describes the relationship between the quantities of productive inputs used and the amount of output produced.
Competitive Industry
A market scenario where multiple firms produce similar products, leading to high levels of competition.
Short-Run Industry Supply
The total quantity of goods that firms in a particular industry are willing and able to sell at different prices in a short period, with some factors held constant.
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