Define producer surplus, Define producer surplus. What is

Define producer surplus

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Reference no: EM131335983

1. What is a perfectly competitive firm's short-run supply curve?

2. How do we use firms' short-run supply curves to create the industry short-run supply curve?

3. What happens to short-run industry supply when firms' fixed costs change?

4. Define producer surplus. What is the relationship between profit, producer surplus, and fixed costs?

Reference no: EM131335983

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