Supply

HideShow resource information
  • 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…

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Competitive markets resources »