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?

---

Definitions:

Entrepreneurial Self-efficacy

An individual's belief in their ability to successfully start and run a new business venture.

Entrepreneurial Performance

A measure of the success and efficiency of an entrepreneur or business, often evaluated through financial metrics, market share growth, and innovation.

Fixed Mindset

is the belief that one's abilities and intelligence are static and unchangeable, often leading to avoidance of challenges and perseverance in the face of setbacks.

Entrepreneurial Mindset

A way of thinking that enables one to overcome challenges, be decisive, and accept responsibility for outcomes. It's key for starting and running a business.