2.3 - supply

Question 1

Individual supply

Answer 1

The number of goods/services a firm is willing and able to produce at a given price.

Question 2

Market supply

Answer 2

Quantity of goods/services provided by the whole economy during a given time period and a particular price

Question 3

Joint supply

Answer 3

When an increase/decrease in the supply of one product increases/decreases the supply of another.

Question 4

Competitive supply

Answer 4

Alternative goods/services firms could produce with their FoP

Question 5

Factors which shift supply

Answer 5

Cost of production
Improvements in technology
Entrance / exit of firms
Market expectations
Subsidies / indirect tax