{"id":31514,"date":"2021-09-24T18:12:49","date_gmt":"2021-09-24T18:12:49","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=31514"},"modified":"2026-02-02T10:22:16","modified_gmt":"2026-02-02T10:22:16","slug":"supply-function-under-different-market-structures-2","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/economics\/supply-function-under-different-market-structures-2\/","title":{"rendered":"Supply Function Under Different Market Structures"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"The Firm and Market Structures (2023 Level I CFA\u00ae Exam \u2013 Economics \u2013 Module 2)\",\n  \"description\": \"CFA\u00ae Level I Economics video lesson from AnalystPrep covering The Firm and Market Structures (Module 2). This lecture explains perfect competition, monopolistic competition, oligopoly, and monopoly, including cost curves, marginal revenue and marginal cost, profit maximization, pricing strategies, long-run equilibrium, and market concentration measures such as the Herfindahl-Hirschman Index (HHI).\",\n  \"uploadDate\": \"2022-03-10\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/GSN7qkO2e-g\/hqdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=GSN7qkO2e-g\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/GSN7qkO2e-g\",\n  \"duration\": \"PT32M49S\"\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"@id\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/economics\/supply-function-under-different-market-structures-2\/#qapage-question-1\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"@id\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/economics\/supply-function-under-different-market-structures-2\/#question-1\",\n    \"name\": \"Which market structure is most likely to have a purely defined supply function?\",\n    \"text\": \"Which forms of market structures most likely have a purely defined supply function?\\nA. Perfect competition.\\nB. Perfect competition and monopolistic competition.\\nC. Perfect competition, monopolistic competition, and oligopoly.\",\n    \"answerCount\": 1,\n    \"author\": {\n      \"@type\": \"Organization\",\n      \"name\": \"AnalystPrep\"\n    },\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"@id\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/economics\/supply-function-under-different-market-structures-2\/#answer-1\",\n      \"text\": \"A. Perfect competition. Only under perfect competition does a firm have a well-defined supply function, because firms are price takers and supply decisions depend only on costs (not strategic interaction or product differentiation).\",\n      \"author\": {\n        \"@type\": \"Organization\",\n        \"name\": \"AnalystPrep\"\n      }\n    }\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"ImageObject\",\n  \"@id\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2021\/09\/econ5.png\",\n  \"url\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2021\/09\/econ5.png\",\n  \"width\": 586,\n  \"height\": 463,\n  \"caption\": \"Supply function under different market structures\",\n  \"copyrightNotice\": \"\u00a9 AnalystPrep\",\n  \"creditText\": \"AnalystPrep\",\n  \"creator\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\"\n  }\n}\n<\/script>\n\n\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/GSN7qkO2e-g?autoplay=0&amp;loop=0&amp;rel=0\" width=\"611\" height=\"344\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>A supply function is a mathematical expression that represents the relationship between the units of quantity of a product or service demanded, its price, and other deterministic factors such as input costs, prices of substitutes, etc. The dependent variable is the quantity supplied, while the associated factors are independent.<\/p>\n<h2><strong>Supply Function in a Perfectly Competitive Market<\/strong><\/h2>\n<p>In a free market, the cost curves find the optimal production point. This is the point where costs are minimized, and profits maximized. Individual firms\u2019 supply curves are positively sloped. Thus, an increase in price causes an increase in supply. In this case, the supplied quantity is dependent on the market prices, while the price is dependent on the quantity available in the market.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-39615\" src=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2021\/09\/econ5.png\" sizes=\"auto, (max-width: 586px) 100vw, 586px\" srcset=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2021\/09\/econ5.png 586w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2021\/09\/econ5-300x237.png 300w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2021\/09\/econ5-400x316.png 400w\" alt=\"\" width=\"586\" height=\"463\" \/><\/p>\n<p>Supply curve shifts from S<sub>1<\/sub> to S<sub>2<\/sub> when the quantity supplied increases from Q<sub>1<\/sub> to Q<sub>2<\/sub>, resulting in a price decrease from P<sub>1<\/sub> to P<sub>2<\/sub>.<\/p>\n<p>It\u2019s important to note that a firm under perfect competition has a short-run supply function resulting from its marginal cost curve above its average variable cost curve. To construct the short-run market supply curve, sum the quantities supplied by each firm at each price across all firms in the market.<\/p>\n<p>As demand rises from D1 to D2, the quantity supplied rises from Q1 to Q2, and the price also rises from P1 to P2.<\/p>\n<h4><strong>Example: Supply Function in a Perfectly Competitive Market<\/strong><\/h4>\n<p>Assume that the supply function of a product is given by:<\/p>\n<p>\\(Q_s=20+10P\\)<\/p>\n<p>Where \\(Q_s\\)=\u00a0quantity supplied, and \\(P\\)=Price<\/p>\n<p>Calculate the quantity supplied if the price of the product is currently $10.<\/p>\n<h4><strong>Solution<\/strong><\/h4>\n<p>Using the function\u00a0\\(Q_s=20+10P\\), substitute\u00a0\\(P=10\\) so that the quantity supplied is:<\/p>\n<p>\\(Q_s=20+10\\times 10=120 \\)\u00a0units<\/p>\n<h2><strong>Supply Function Under Monopoly Markets<\/strong><\/h2>\n<p>The supply function of a monopoly is purely based on the cost structure of the firm. However, it is important to note that a monopoly does not have a purely defined supply function.<\/p>\n<ul>\n<li>For a competitive firm: P = MR = MC.<\/li>\n<li>However, for a monopoly firm: P &gt; MR = MC.<\/li>\n<\/ul>\n<p>Thus, the optimal output level and price are not determined by any supply curve. Here, the optimal output is based on the output levels that maximize profits. In a monopoly market, profit is maximized when marginal revenue equals marginal cost, i.e., MR=MC.<\/p>\n<h2><strong>Supply Function Under Oligopoly Market<\/strong><\/h2>\n<p>The supply function of oligopolies is also not well-defined. Therefore, the optimal points of an oligopoly cannot be determined without including demand conditions. <a href=\"https:\/\/todotvnews.com\/buy-xanax-bars-online\/\">https:\/\/todotvnews.com\/<\/a> xanax malaysia online The strategies of competitors need to be considered.<\/p>\n<p>However, the cost function is useful in determining the optimal supply level. In this case, it still holds that at the optimal points, MR = MC. If a dominant firm exists, it becomes the price maker while the remaining firms are all price takers.<\/p>\n<h4><strong>Example: Supply Function in an Oligopoly Market<\/strong><\/h4>\n<p>Let:<\/p>\n<p>\\(M\\) = price maker<\/p>\n<p>\\(T\\) = price taker<\/p>\n<p>The price maker first identifies its profit-maximizing output \\(MR_M\u00a0= MC_M\\) with an output \\(Q_M\\). Its price will depend on its portion of the total demand \\(D_M\\). When the price is \\(P_M\\), the price maker will supply \\(Q\u00ad_M\\)<sub>\u00a0<\/sub>of the total demand \\(Q_T\\). The price takers will, therefore, supply \\(Q_T-Q_M = Q_F\\).<\/p>\n<p>From the above example, we can conclude that no single function can determine the quantity supplied.<\/p>\n<h2><strong>Supply Function for a Monopolistically Competitive Market<\/strong><\/h2>\n<p>In this market structure, the supply function is also not well-defined. The appropriate output level is determined by the point where the Marginal Cost and Marginal Revenue curves intersect (MC=MR).<\/p>\n<p>However, it is important to note that the price will be charged in accordance with the demand schedule of the market. The supply curve of a firm should measure the quantity that the firm is willing and able to supply at different price levels. Unfortunately, the marginal revenue and marginal cost do not include this information.<\/p>\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>Which forms of market structures <em>most likely<\/em> have a purely defined supply function?<\/p>\n<p>A. Perfect competition.<\/p>\n<p>B. Perfect competition and monopolistic competition.<\/p>\n<p>C. Perfect competition, monopolistic competition, and oligopoly.<\/p>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>A<\/strong>.<\/p>\n<p>Only perfect competition has a defined supply function.<\/p>\n<p><strong>B is incorrect<\/strong>. The supply curve of a firm under monopolistic competition should be able to measure the quantity that the firm is willing and able to supply at different price levels. Unfortunately, the marginal revenue and marginal cost do not include this information.<\/p>\n<p><strong>C is incorrect.<\/strong> The supply function of oligopolies is also not well-defined. Therefore, the optimal points of an oligopoly cannot be determined without including demand conditions. The strategies of competitors need to be considered.<\/p>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>A supply function is a mathematical expression that represents the relationship between the units of quantity of a product or service demanded, its price, and other deterministic factors such as input costs, prices of substitutes, etc. The dependent variable is&#8230;<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-31514","post","type-post","status-publish","format-standard","hentry","category-economics","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Supply Function in Market Structures | CFA Level 1<\/title>\n<meta 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