The ... curve slopes from left to right because the higher the price, the more likely it is that a profit can be made. Increased prices mean increased profit so there is more ...
Supply
1 of 6
A ... along the supply curve is caused by a change in price
Movement
2 of 6
A ... of the supply curve is caused by a change in conditions of supply
Shift
3 of 6
Factors that cause a movement along the ... curve: Rise in production costs, New technology, Change resulting from nature, government policy
Supply
4 of 6
Why supply can be ...? No more raw materials, Takes time to grow more supply, No more skilled workers- supply not increased and not having the technology to do more
Inelastic
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Factors influencing ... elasticity of ... : Spare production capacity, stocks of available finished goods, ease and cost of acquiring extra resources, time period and production period
Price Supply
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Other cards in this set
Card 2
Front
A ... along the supply curve is caused by a change in price
Back
Movement
Card 3
Front
A ... of the supply curve is caused by a change in conditions of supply
Back
Card 4
Front
Factors that cause a movement along the ... curve: Rise in production costs, New technology, Change resulting from nature, government policy
Back
Card 5
Front
Why supply can be ...? No more raw materials, Takes time to grow more supply, No more skilled workers- supply not increased and not having the technology to do more
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