The Supply Curve Flashcards
what is supply
supply is the amount of goods/services that can be supplied at any given price over a period of time
what is a supply curve
a line drawn on a price/quantity graph to show the amount that can be supplied at a given price at a given quantity
quantity is x axis and supply is y axis
from which side does the supply curve slope from
left to right upwards
what is proportionate relationship ina supply curve
when the prices goes up the quantity goes up, when quantity down price down
what is a shift in the supply curve
when the supply curve moves left or right, when any factor changes in supply except price
what is fixed supply
supply when the curve is vertical, when the supply of a product is fixed, so quantity wont change with price, so a a stadium if there are 150 seats, if price changes the amount of seats will never change
