What Serves as the Supply Curve for a Perfectly Competitive

question 21

Essay

What serves as the supply curve for a perfectly competitive firm? Why is this supply curve upward-sloping,or why does it take a higher price to get a firm to produce and sell more output?

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Definitions:

Needs Hierarchy

A theory in psychology, proposed by Abraham Maslow, which posits that people are motivated to fulfill basic needs before moving on to other, more advanced needs.

Oxytocin

A hormone, secreted by the pituitary gland, that stimulates uterine contractions during childbirth, facilitates the ejection of milk during nursing, and seems to promote, in both sexes, attachment and trust in relationships.

Liquid Trust

A concept referring to a spray or product claimed to contain oxytocin, which supposedly increases trust and bonding between people.

Attaining Goal

The process of achieving a specific objective or reaching a desired outcome.