supply Flashcards
(15 cards)
is the quantity of a good or service that producers are willing and able to sell at different prices over a certain period of time.
supply
As the price of a good increases, the quantity supplied also increases, and vice versa — assuming all other factors remain constant (ceteris paribus).
law of supply
__ between price and quantity supplied.
direct relationship
A table that shows the quantity of a good supplied at various prices.
supply schedule
A graph that shows the supply schedule. It typically slopes upward from left to right.
supply curve
types of supply
individual and market supply
supply of a good by a single producer.
individual supply
total supply of a good by all producers in the market.
market supply
Determinants of Supply (Non-Price Factors)
technology, no. of sellers, natural conditions
A change in price causes a __
movement along the curve
changes in non-price factors cause a __
shift of the supply curve
changes in non-price factors cause a __
shift of the supply curve
Producers can increase output easily.
elastic supply
Hard to change production levels quickly.
inelastic supply
changes in non-price factors cause a __
shift of the supply curve
