Chapter Three- Supply in a market

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  • Created by: Martine
  • Created on: 31-10-14 20:10
Supply
The amount offered for sale at each given price level
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Planned Supply
The amount producers plan to produce at each given price
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Actual Supply
The amount that producers in fact produce. This may differ from planned supply for a variety of reasons such as breakdowns in production, staff absences, etc.
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Market Supply
The sum of all individual firm's supply curves at each given price level
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Extension in Supply
When there is an increase in supply because the market price has risen
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Contraction is Supply
When the amount offered for sale is reduced because the price level has fallen
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Joint Supply
When the production of one good also results in the production of another
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Other cards in this set

Card 2

Front

The amount producers plan to produce at each given price

Back

Planned Supply

Card 3

Front

The amount that producers in fact produce. This may differ from planned supply for a variety of reasons such as breakdowns in production, staff absences, etc.

Back

Preview of the back of card 3

Card 4

Front

The sum of all individual firm's supply curves at each given price level

Back

Preview of the back of card 4

Card 5

Front

When there is an increase in supply because the market price has risen

Back

Preview of the back of card 5
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