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15 Cards in this Set
- Front
- Back
define variable
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a factor that can change
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define quantity supplied
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how much of a good is offered at a specific price
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define market supply schedule
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relationship between price and quantity supllied for all firms (businesses)
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Define elasticity of supply
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the measure of how suppliers react to a change in price
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example of a good that would havde inelastic supply in the short run
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a car would have inelastic supply because the factor could not increase the number of cars it produces in the short run, it would take a long time to build new factories to produce more cars (long run)
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define law of supply
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the higher the price the larger the quantity produced
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define inelastic supply
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term used to describe the supply for a product that cannot easily or quickly expand or reduce its production
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define supply curve
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a graph of data in a supply schedule
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define elastic supply
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When the supply can drastically increase or decrease in the short run (quickly)
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What does a supply schedule show?
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the supply for a specific good
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How would import restrictions affect prices and supply?
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it would cause prices to go up
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If you know the price of the product your selling will go up in a few weeks, What would you do to make more money?
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Hold back your product and sell it when the price goes up.
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What's has the most impact in determining the elasticity or inelasticity of supply?
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Time
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Define fixed cost?
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a cost that doesn't change in the short run. example rent
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List two ways in which government can impat supply?
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Tarriffs (taxes on imports) and subsidies
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