Supply Flashcards
1
Q
Supply
A
quantity of a good or service that sellers are willing sell at a given price in a givven period of time
2
Q
Price Elastic Supply
A
the measure of the level of responsiveness of supply due to a change in price
3
Q
Law of supply
A
price increases, quantity will increase, proft
positive relationship
4
Q
PINTS
FACTORS OF SUPPLY CURVE
A
Productivity
Indirect Taxes
No firms in market
Technology
Subsidies
