Supply + Equilibrium Flashcards
1
Q
What’s the relationship between price and supply?
A
When the price of a good rises, the quantity supplied will also increase.
2
Q
Draw a supply curve
A
- Y axis is Price
- X axis is quantity
- P1, P2 etc etc
- Q1, Q2 etc etc
- Actual supply curve (labelled “S1”
- Equilibrium points
3
Q
A
