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  • Created by: Jess
  • Created on: 09-04-14 18:50

Supply: the quantity of a product that producers are willing and able to provide at different market prices over a period of time 

Profit: the difference between total revenue and the total cost

Producer's motivation is make profit, so there is a greater willingness to increase quantity supplied when there is a rise in prices

Producer surplus: the difference between the price a producer is willing to accept and what is actually…


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