supply Flashcards
1
Q
definition of supply
A
the quantity of a good or service the producer is willing and able to produce at any given range of prices over a period of time
2
Q
definition of a supply graph
A
a graph that sets out the quantity of a good or service the producer is willing and able to produce at any given range of prices over a period of time
3
Q
definition of a supply schedule
A
a table that sets out the quantity of a good or service the producer is willing and able to produce at any given range of prices over a period of time
4
Q
what is the law of supply
A
as the price of a good or service increases the quantity supplied will increase or vice versa assuming ceteris paribus.
5
Q
what does the term willing and mean
A
willing= The producer wants to produce it to maximise his profits able= the producer does not have enough resources to more e.g. land, labour, capital & entrepreneurship.
