Asked by
Mackenzie Connell
on Oct 27, 2024
Verified
A monopoly's short-run supply curve is upward sloping because of diminishing marginal returns.
Short-Run Supply Curve
A graphical representation showing the quantity of goods that producers are willing and able to sell at different prices over a short period of time, during which at least one of the firm's inputs is fixed.
Diminishing Marginal Returns
A principle in economics where increasing one factor of production, while keeping others constant, will yield lower additional output.
- Comprehend the impact of decreasing marginal returns on the formation of a monopoly's supply curve.
Verified Answer
KG
Learning Objectives
- Comprehend the impact of decreasing marginal returns on the formation of a monopoly's supply curve.