What is meant by equilibrium on the supply side

Reference no: EM131273645

Economics

1. Revenue structure: Why does the demand curve facing each individual producer (firm) normally slope downward?

2. Revenue structure: Why does marginal revenue for an individual producer normally decline as output (sales) increases?

3. Profit maximization: Explain why profit maximization for an individual firm normally occurs at the quantity output that equates marginal cost and marginal revenue.

4. Adjustment mechanism: What is likely to occur if the typical firm in an industry receives economic profits, and why?

5. Supply Equilibrium: What is meant by equilibrium on the supply side?

Reference no: EM131273645

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