Supply Flashcards

1
Q

What is the definition of supply

A

the quantity of a good or service that a producer is both willing and able to provide at any given range of prices over a period of time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a supply schedule

A

A table that sets out the quantity of a good or service that a producer is willing and able to provide at a range of prices within a given time frame.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a supply curve

A

A graph that sets out the quantity of a good or service that a producer is willing and able to provide at a range of prices within a given time frame.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the definition of the law of supply

A

As the price rises the quantity supplied will increase or vice versa assuming ceterius paribus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What does the term willing and able mean in terms of supply defintion

A

Willing is the producer wants to produce the good or service.
Able is where the producers have the means to produce the good or service.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly