Supply Flashcards
1
Q
What is supply
A
The amount of a good producers are willing and able to supply at a given price and time
2
Q
What do higher prices mean ten ten supply curve
A
Suppliers are willing to produce more as there is a higher profit motive
3
Q
What causes shifts on the supply curve
A
Any other factor
- cost of production prices
- changes in the size of the industries
- taxes
- natural disasters
- technology
