Supply Flashcards
1
Q
What is supply Individual
A
It talks about the supply decisions of independent companies, people and originations
2
Q
Marginal costs
A
Is the additional cost the customer faces when buying one more of a good/service
3
Q
“Law” of Supply
A
Says the higher the price the more customers you will attract ( you get your bucks worth )
4
Q
What is a Competitive Market
A
A market that is hard for companies to succeed in
5
Q
What is the Supply decision Principle
A
This is what customers decision -making process is
6
Q
What is the Rational Rule
A
As long the the marginal benefit is equal or greater than the marginal cost than buy
7
Q
Change in quantity supplied ( QS)
A
Occurs when the price changes
8
Q
Shifts in Supplly
A
Occurs when anything but the price changes
9
Q
what are the shifts in Supply
A
- Input prices
- Productivity & Tech
- Expectations
