Supply Flashcards
1
Q
Supply
A
The quantity of G/S a producer is willing and able to produce at each and every price level
2
Q
Price and Supply relationship
A
Positive
3
Q
Movement along the demand curve
A
Caused solely by a change in price
4
Q
Reasoning for Law of Supply (3)
A
• Profit motive
• Production and costs
• New entrants to the market
5
Q
Determinants of Supply (7)
A
Productivity
Indirect taxes
Number of firms
Technology
Subsidy
Weather
Cost of production
