| The graphs below depict supply curves for John, Paul, and George, who are three producers in the perfectly competitive songwriting industry. a. If the price of songs is $1,000, how many songs will John write? Paul? George? The three combined? b. If the price of songs is $2,000, how many songs will John write? Paul? George? The three combined? c. If the price of songs is $3,000, how many songs will John write? Paul? George? The three combined? d. Assume that John, Paul, and George are the only three producers in the industry. Using your answers to (a-c), graph the short-run industry supply curve. |
