Supply Flashcards
1
Q
Conditions of supply
A
Factors other than price eg income or the price of other goods which lead to changes in supply - shifts in curve
2
Q
Long run
A
The period of time when all factor inputs can be varied but the state of technology remains the same
3
Q
Price elasticity of supply
A
A measure of the responsiveness of quantity supplied to a change in price
4
Q
Short run
A
The period of time when at least one factor input to the production process can be varied
5
Q
Supply
A
The quantity of goods that suppliers are willing to sell at any given price over a period of time
