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10 Cards in this Set
- Front
- Back
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Law of Supply
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As the Price increases the Quantity Supplied increases
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Supply
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The amount a producer is willing and able to supply at a range of prices
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Supply Schedule
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A table showing the quantity supplied in relation to a range of prices
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Determinants of a change in Supply
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TOPS PELT
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Quantity Supplied
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An increase in the price (visa versa) causing a movement along the supply curve
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Shift
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A new supply curve, change in Supply (left or right)
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Movement
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A change in Quantity Supplied
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Market Supply
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The sum of all individuals supply of a certain product
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Implication of an increase of Supply
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Hire more staff, use more machinery, purchase more materials, increase plant size
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Implication of a decrease of Supply
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Laying off staff, reducing costs, alternative goods to produce, closing down
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