2.3 Supply Flashcards
1
Q
Competitive supply
A
When a business could make more than one good with its resources, and producing one means they can’t produce the other
2
Q
Composite supply
A
When a good or service can be obtained from different sources
3
Q
Individual supply
A
Supply of a single firm
4
Q
Joint supply
A
Increasing supply of one good causes an increase in the supply of a by-product
5
Q
Market supply
A
Sum of all individual supplies in the market
6
Q
Supply
A
The ability and willingness to provide a particular good/service at a given price at a given moment in time
