chapter 8 - supply Flashcards by ash ley

Q

definition of:

supply

A

willingness and ability of firms to provide goods and services at given price levels

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Q

determinants of supply

A

time
weather
opportunity cost
tax
innovation
production costs
subsidies

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Q

definition of:

extension

A

an increase in quantity supplied following an increase in its price

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Q

definition of:

contraction

A

a decrease in quantity supplied following a decrease in its price

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Q

definition of:

market supply

A

aggregation of all supply at each level

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Q

what causes a movement along the supply curve?

A

a change in its price

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Q

what causes a shift in the supply curve?

A

non-price factors (TWO TIPS)

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