Flashcards
Supply
Flashcards do conjunto (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)
Informações
- Descrição
- This flash card deck is to test your knowledge of the economic concept of supply
- Criado por
- eleanor.adamandi
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- 34
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- Histórico
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- Criado por jackexamtime · 16 dez 2013
- Copiado por eleanor.adamandi · 16 dez 2013
- Copiado por eleanor.adamandi · 16 dez 2013
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