supply Flashcards
1
Q
supply
A
supply is measures in terms of the quantity of a good or service that a producer is willing and able to make available on the market, at a given price over a given time
2
Q
how does the introduction of new technology increase supply
A
mechanisms can increase volume produced
3
Q
how do indirect taxes decrease supply
A
government tax products such as petrol making production more expensive.
4
Q
gov. subsidies
A
gov. pays suppliers a certain amount to encourage them into the market e.g solar panels. reduces costs which increases supply
5
Q
equilibrium price
A
market price
