Supply Flashcards
0
Q
Law of supply
A
As the price of a good rises, the quantity supplied increases, as the price of a good falls, the quantity supplied decreases.
1
Q
Supply
A
Is a schedule to show the amounts of a product that producers are willing to make available for sale.
2
Q
Market supply
A
Schedule is obtained by adding the quantity supplied by all the sellers at each price.
3
Q
Supply decreases
A
Shift to the left.
4
Q
Supply increases
A
Shift to the right.
5
Q
A change in the quantity supplied is a result of ?
A
Price change
6
Q
Causes of shifts in a supply curve
A
Prices of resources, technological advance, production improvements, prices or related goods, taxes / subsidies, expectations and number of sellers.
