Long-run behavior, Microeconomics


The Long-Run Behavior of Natural Resource Prices


– Exhaustion of copper has increased by a hundred fold from 1880 through 1998 signifying a large increase in demand.

– The actual price for copper has stayed relatively constant.

Changes in Market Equilibrium

2154_long run curve.png


– Reduction in the costs of production have increased the supply by more than enough to balance the increase in demand.

Posted Date: 7/24/2012 8:25:25 AM | Location : United States

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