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1.2 How markets work - Coggle Diagram
1.2 How markets work
1.2.4 Supply
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as with demand, a change in the price does not shift the supply function- it shows supply for all prices given current conditions. Only a change in conditions cause a supply to change.
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The short run is a period of time in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied. The long run is a period of time in which the quantities of all inputs can be varied