Introduction to supply Flashcards
1
Q
what is supply?
A
When you supply something, it means you’re willing and able to sell it
2
Q
What does a supply curve show?
A
Shows the relationship between the price and the quantity supplied of a good or service.
3
Q
What is a Contraction in supply
A
When a decrease in price leads to a decrease in quantity supplied
4
Q
What is an extension in supply
A
When an increase in price leads to an increase in quantity supplied
