More cards in this set

Card 6

Front

PES - greater than 1 - supply is?

Back

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Card 7

Front

PES - equal to 1 - supply is?

Back

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Card 8

Front

What is meant by 'buffer stock'?

Back

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Card 9

Front

What type of business do NOT have buffer stock?

Back

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Card 10

Front

If stocks or raw materials, components and finished products are high then the firm is able to respond to a change in demand quickly by supplying these stocks onto the market - supply will be?

Back

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Card 11

Front

Ease of factor substitution - if there is spare capacity, additional workers can be used to produce more output, often in a short period of time, hence supply is ?

Back

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Card 12

Front

For some types of business, it is the availability of capital that determines whether a firm can increase output. Where new machinery has to be purchased and installed, the elasticity of supply will be?

Back

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Card 13

Front

Supply is likely to be more elastic...

Back

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Card 14

Front

In some agricultural industries, supply is _____ and determined by planting decisions made months before.

Back

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Card 15

Front

If there is plenty of _____ then a business should be able to increase its output without a rise in costs therefore supply will be elastic in response to a change in price.

Back

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