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Production And Costs
Question
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What is meant by market period?

Answer

Market period is a very short period within which firms cannot adjust their output (i.e., supply) to any change in price, i.e. supply curve is vertical.

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Some More Questions From Production And Costs Chapter

What is meant by market period?

How will an increase in number of firms shifts the market supply curve?

 

What is the shape of supply curve during very short (market period)?

What is the shape of supply curve during short or long period?

What is the price elasticity associated with a straight line supply curve passing through the origin?

Name three factors that can shift a supply curve.

Give two examples where technological progress leads to a shift in the supply curve.

A new technique of production reduces the marginal cost of producing stainless steel. How will this affect the supply curve of stainless steel utensils?

Because of cyclone in a coastal area, the sea level covers a lot of rice fields. This reduces productivity of land. How will it affect supply curve of rice of that region?

Define market supply of a good.