Supply

Question 1

What is supply?

Answer 1

The quantity of a good or service that produces supply to the market at a given price at a particular time

Question 2

What is supply?

Answer 2

The quantity of a good or service that produces supply to a market at a given price at a particular time

Question 3

What does a right shift in supply mean?

Answer 3

A increased supply

Question 4

What does a left shift in supply mean?

Answer 4

Decreased supply

Question 5

What factors can cause a shift in demand curve?

Answer 5

Changes to the cost of production
Improvements in tech
Indirect taxes and subsidies
Number of suppliers
Changes to price of other goods
Changes to productivity of factors of production

Question 6

How does changes to cost of production affect supply?

Answer 6

Increase in costs will decrease supply
Decrease in costs will increase supply

Question 7

How does improvement in technology affect supply?

Answer 7

Can reduce costs of production so increase supply

Question 8

How does indirect taxes and subsidies affect supply?

Answer 8

Increase in indirect taxes increases costs
Increase subsides decrease costs and increase supply

Question 9

What is joint supply?

Answer 9

The production on one good or service involves the production of another good or service