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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