Chapter 4 Flashcards
1
Q
Individual Supply?
A
Refers to the quantity of a good/service supplied by individual suppliers at different prices.
2
Q
Market Supply?
A
Refers to the total quantity of a good/service supplied by all suppliers in a market at different prices.
3
Q
What is fixed supply?
A
When there can only be a certain amount of supply available but that is sold at different price points. E.g. concert venues.
4
Q
A
5
Q
A
