Flashcards
Supply
Cards in this deck (12)
- 1Define supplyThe total quantity made available at any given price over a specific time period
- 2What is the law of supply?As prices rise, so too does supply
- 3What is the shape of the supply curve?Upward sloping from left to right
- 4Why does it slope upwards from left to right?Because of the positive relationship between price and quantity supplied
- 5What is the supply function?S(x) = F[ P(x), POG, C, Tn]
- 6What does P(x) and POG stand for?P(x) = Price of Base Good
POG = Price of Other Goods - 7What are "Other Goods" when talking about supply?Alternative products the producer could supply
- 8What does C stand for?Cost of production
- 9Is the relationship between cost of production and supply positive or negative?Negative
- 10What does Tn stand for?Technology
- 11What shape is the fixed supply curve?Vertical
- 12Give an example of a "product" with a minimum priceLabour (minimum wage)
Information
- Description
- This flash card deck is to test your knowledge of the economic concept of supply
- Created by
- eleanor.adamandi
- Views
- 34
- Tags
- History
-
- Created by jackexamtime · Dec 16, 2013
- Copied by eleanor.adamandi · Dec 16, 2013
- Copied by eleanor.adamandi · Dec 16, 2013
- Rating