Supply Flashcards
1
Q
What does a rise in price lead to in supply
A
A rise in price leads to a rise in quantity supplied, shown by a movement along the supply curve
2
Q
What causes a shift in the supply curve
A
A change in supply can be cuased by factors such as a change in costs of production, technology and the price of other goods - resulting in a shift
3
Q
What is the market supply curve in a perfectly competitive market
A
It’s the sum of each firms induvidual supply curves
