Microeconomics The Nature of Supply Flashcards
1
Q
Firm
A
an organisation that brings together factors of production in order to produce output
2
Q
Competitive market
A
a market in which individual firms cannot influence the price of the good or service they are selling, because of competition from other firms
3
Q
Supply curve
A
a graph showing the quantity supplied at any given price
4
Q
Competitive supply
A
a situation in which a firm can use its factors of production to produce alternative products
5
Q
Joint supply
A
where a firm produces more than one product together
6
Q
Composite supply
A
where a product produced by a firm serves more than one market
