Supply Flashcards
1
Q
Shift in supply
A
Productivity
Indirect taxes
Number of firms
Technology
Substitutes
Weather
Costs of production
2
Q
PES FORMULA
A
% change in quantity supplied of good X
over
% change in the price of good X
3
Q
Factors affecting PES
A
- Level of spare capacity
- Level of stocks
- Time period
- Production time
4
Q
Surplus
A
when the quantity supplied is higher than the quantity demanded
