2.2 supply Flashcards
Quantity Supplied: The amount of goods and services producers are willing and able to provide. Law of Supply: States that the quantity supplied is directly proportional to price. Market Supply Curve: The sum of all individual supply for a good or service. Competitive Supply: The output of one good or service prevents the output of another. Joint Supply: The output of one good or service increases the output of another. (5 cards)
1
Q
What is Quantity Supplied?
A
The amount of goods and services producers are willing and able to provide.
2
Q
What does the Law of Supply state?
A
The quantity supplied is directly proportional to price.
3
Q
What is a Market Supply Curve?
A
The sum of all individual supply for a good or service.
4
Q
What is Competitive Supply?
A
The output of one good or service prevents the output of another.
5
Q
What is Joint Supply?
A
The output of one good or service increases the output of another.
