Supply Flashcards

1
Q

Supply

A

The quantity of a good or service that firms are willing to sell at a given price over a given period of time

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2
Q

Revenue

A

Income that a firm/govt receives
Price x quantity sold

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3
Q

Law of supply …

A

As price increases, supply increases, vice versa

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4
Q

Shift in supply curve

A

Changes in prices of related goods
Firms expectation about future prices - if prices will rise in future, drop supply now so more stock can be sold at a higher price
Changes in prod costs
Improvements in technology
Number of firms in the market
Climate/weather

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