1.2.4-1.2.5 supply Flashcards
(5 cards)
1
Q
what is supply
A
as the quantity of a good or service that producers are willing and able to supply at a given price in each time period
2
Q
what is the law of supply
A
as the price of a product rises businesses expand supply, higher prices provide a profit incentive for firms to expand production
3
Q
what is a supply curve
A
it shows a relationship between market price and gow much a firm is willing and able to sell
4
Q
what is joint supply
A
when there’s an increase or decrease in the supply of one goods leads to an increase or decrease in supply of a by-product
5
Q
what is market supply
A
the total supply brought to the market by producers at each price
