Supply Flashcards
1
Q
firms will only supply when price can cover….
A
costs
2
Q
Price up=
A
Supply up
3
Q
The whole supply curve will change when….
A
costs change
4
Q
3 categories of cost…
A
Land, Labour, Capital
5
Q
examples of costs…
A
Rent, wages, interest or credit
6
Q
Reasons for shift in supply curve
A
Reduce wages, fall in price of materials, new technologies
