Supply curve Flashcards
1
Q
define supply
A
supply is the quantity of goods that suppliers are willing to sell at any given price over a period of time
2
Q
what is the law of supply
A
the law of supply states that when the price of the product increases, the supply is going to increase
3
Q
what are the 5 things that cause a SHIFT of the curve
A
- cost of production 2. indirect tax 3. subsidies 4. government legislation 5. technology
