1.2.2 Supply

Question 1

supply definition

Answer 1

supply is measured in term of the quantitx of a good / service that a producer is willing and able to make availible on the market at a given pricr over a given periode of time

Question 2

price and supply

Answer 2

price and supply are related
as a price by customers increases on a product or service, business will want to supply more in anticipation of highre profits
as a price by customers decreases on a product or service, business will want to supply less in foreseeing less profit

Question 3

non price factors affecting supply

Answer 3

cost of production
introduction of new technology
indirect taxes (supply down)
government subsidies (supply up)
external shock

Question 4

supply curve

Answer 4

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Question 5

supply curve movement

Answer 5

because of price
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—–l—-I
/ I I

Question 6

supply curve shift to right

Answer 6

other factors
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increase in quntity supplyd

Question 7

supply curve shift to left

Answer 7

other factors
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decrese in quntity supplyd

Question 8

supply curve definition

Answer 8

The supply curve illustrates the relationship between the price of a good or service and the quantity supplied by producers within a given timeframe.