Supply
- Created by: Former Member
- Created on: 04-05-15 14:43
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- Supply
- Definition:
- Quantity of a good/service that producers supply to the market at a given price at a particular time.
- Supply Curve
- The relationship between price and quantity supplied.
- Quantity Supplied increases because the higher the price of the good or service, the higher the profits = incentive to expand = increase in supply.
- Shifts with a decrease or increase in supply.
- Supply increases cost.
- Definition:
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