Economics - Chapter 3

  • Created by: sammilaw
  • Created on: 02-11-14 15:24
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  • CHAPTER 3: Supply
    • Supply - the amount offered for sale at each given price level
    • Planned supply - the amount producers plan to produce at each give price
    • Actual supply - the amount that producers in fact produce. May differ from planned supply
    • Market supply - the sum of all individual firm's supply curves at each given price
    • Extensions in supply - an increase in supply due to a rise in market price
    • Contractions in supply - a decrease in supply due to a fall in price level
    • Joint supply - when the production of one good also results in the production of another


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