A vertical supply curve tells us that even as price increases, the quantity supplied cannot increase; it remains constant. The quantity supplied is independent of price. There are two reasons why this may occur:
- There is a fixed quantity of the good supplied • because there is no time to produce more of it.
- There is a fixed quantity of the good because there • is no possibility of ever producing more of it.
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pdfs
- owner: Martinus - (no access) - ECONOMICS.pdf, p27
- owner: Manuel - (no access) - Economics - Ellie Tragakes - Second Edition - Cambridge 2012.pdf, p27
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