Mate I just want to say thank you, these videos help me so much when I feel like I haven't picked up anything in my online classes. Keep up the great job.
How does an increase in Price Level stimulate extension in supply due to profit motive: if Price Level rises, then firms' costs rise as well, so they won't make any more profit?
In order to make profit, firms will supply more in the short run but in the long run it will cause a shift to the left of the AS curve due to an increase in cost of production in the long run
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Mate I just want to say thank you, these videos help me so much when I feel like I haven't picked up anything in my online classes. Keep up the great job.
Great to hear! Every best wish with your studies - please spread the word about our channel! Loads more videos to come!
Thanks a ton!
You are so kind
How does an increase in Price Level stimulate extension in supply due to profit motive: if Price Level rises, then firms' costs rise as well, so they won't make any more profit?
Did u find an answer for this
In order to make profit, firms will supply more in the short run but in the long run it will cause a shift to the left of the AS curve due to an increase in cost of production in the long run