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Supply

QuestionAnswer
Define supply The quantity of a good that firms are willing to make available at various prices over a period of time
What is individual supply? The quantity of a good that a firm will supply at individual prices
What is market supply? The quantity of a good supplied by all firms in the market at different prices
What is a supply schedule? A table showing the different quantities of a good that firms will make available at various prices
What is a supply curve? A graph illustrating the number of units of a good made available at various prices at any given time
What causes movement along a supply curve? Change in the price of a good
What causes a shift in the supply curve? A change in any non-price determinant of supply
Name 8 factors affecting supply Its price. Price of related goods. Stat of technology. Unplanned factors. Rate of taxation. Objectives of the firm. Number of sellers in the industry. Cost of production.
Created by: JackEatonK98
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