Microeconomics by Peter Dorman

Author:Peter Dorman
Language: eng
Format: epub
Publisher: Springer Berlin Heidelberg, Berlin, Heidelberg

Suddenly we are face to face with the second condition of the Market Welfare Model, that the supply curve represents the marginal costs to society of producing the good or service. If all the assumptions we have made in this chapter are accepted, this second condition is satisfied, since every point on the market supply curve is simply the sum of the points on individual firms’ marginal cost curves. For convenience, these assumptions are assembled in Table 12.4 above.Table 12.4Sufficient conditions for the supply curve to represent marginal costs to society

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