supply Flashcards
(7 cards)
1
Q
supply definition
A
the amount of goods/ services that providers are willing to supply at a given price in a given time
2
Q
relationship between price and quantity supplied
A
direct
3
Q
why is the relationship between supply and price direct
A
because as price increases as does revenue and profit, meaning additional costs from supplying more can be covered and firms respond to the profit motive
4
Q
what factors shift supply
A
PINTSWC
Productivity Indirect tax Number of firms Technology Subsidy Weather Costs of production
5
Q
joint supply
A
When one good is produced another good is produces from the same factors of production
6
Q
competitive supply
A
a situation where 2 or more goods compete for the same resources (opportunity cost)
7
Q
A
