The amount offered for scale 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 abseces.
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Market supply
The sum of all individuals firm's supply curves at each given price.
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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 in 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
Planned supply
Back
The amount producers plan to produce at each given price.
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