2.3 Flashcards
1
Q
Law of Supply
A
for most products, the quantity supplied varies directly with price
2
Q
Supply
A
the ability and willingness of firms to provide goods and services at each given price in a given time period
3
Q
Individual supply
A
the supply of a good or service by an individual producer
4
Q
Market supply
A
the total supply of a good or service as a result of adding together all individual producers supply
