Supply Flashcards
1
Q
What is meant by supply?
A
The amount of a product that suppliers make available to the market at any given price in a given period of time.
2
Q
What is a subsidy?
A
A grant given to producers, usually to encourage production of a certain good.
3
Q
What is a supply curve?
A
A line drawn on a graph that shows how much of a good sellers are willing to supply at different prices.
