The amount offered for sale at each given price level
1 of 7
Planned Supply
The amount producers plan to produce at each given price
2 of 7
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.
3 of 7
Market Supply
The sum of all individual firm's supply curves at each given price level
4 of 7
Extension in Supply
When there is an increase in supply because the market price has risen
5 of 7
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
Card 4
Front
The sum of all individual firm's supply curves at each given price level
Back
Card 5
Front
When there is an increase in supply because the market price has risen
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