1.5 Flashcards
1
Q
supply
A
amount of something sellers can sell at different prices
2
Q
law of supply
A
price increase quantity produced increase (vice versa)
3
Q
determinants of SUPPLY (ROTTEN)
A
Resource cost
Other good’s prices (complements & substitutes)
Technology
Taxes, subsidies
Expectation of future prices
Number of sellers/ producers
4
Q
what does change in price do
A
movement along the curve
