ch 3 Flashcards
1
Q
individual suppply is
A
the quantity an individual is willing to sell at each price
2
Q
individual supply is determined by
A
marginal cost, cost-benefit, opportunity cost, interdependence
3
Q
rational sellers produce
A
the quantity where price equals marginal cost
4
Q
market supply is
A
sum of individual suppliers at each price
5
Q
changes in price lead to
A
movements along the supply curve
6
Q
changes in factors other than price
A
shift the supply curve
