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B) Describe two ways to read a market supply curve. [order does not matter] (FILL IN THE BLANKS) i) Reading the supply curve as a
B) Describe two ways to read a market supply curve. [order does not matter] (FILL IN THE BLANKS) i) Reading the supply curve as a __supply curve ___ , [1] if supply curve matches with price for any given __ price __ , this reading tells you what is the [0.5] __ quantity businesses are willing to supply _________. ii) Reading the supply curve as a __marginal cost curve ___ , [1] if marginal cost curve matches with quantity for any given __ quantity __ , this reading tells you what is the [0.5] minimum price businesss will accept OR [0.5] pricce covering (marginal) opportunity costs of production _
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