Explain supply curve ceteris paribus assumption.

Reference no: EM13193515

A supply curve does all of the following,

Uses the ceteris paribus assumption.

Holds constant time, place, income, costs of inputs, costs of substitutes, and suppliers' expectations about future prices.

Shows the quantity producers are willing and able to supply at each price.

Shows consumers' marginal benefit for each unit produced.

Shows the opportunity cost to consumers over various quantities.

Reference no: EM13193515

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