3. Supply In A Market. Flashcards
1
Q
Planned supply.
A
The amount producers plan to produce at each given price.
2
Q
Actual supply.
A
The amount that firms in fact produce.
3
Q
Market supply.
A
The sum of all individual firms supply curves at each given price level.
4
Q
Extensions in supply.
A
When there is an increase in supply because the market price has risen.
5
Q
Contractions in supply.
A
When the amount offered for sale is reduced because the price level has fallen.
6
Q
Joint supply.
A
When the production of one good caused the production of another good. (Beef and leather)
7
Q
Supply
A
The amount firms are willing to offer for sale at each given price level.
