Supply
quick quiz
- Created by: Lottie
- Created on: 19-12-11 17:23
Other questions in this quiz
2. Why would there be an extention(upwards) in the supply curve?
- increase in price
- a decrease in price
3. Why would there be an contraction(downwards) in the supply curve?
- a decrease in price
- increase in price
4. Why are firms more willing to supply when goods are at higher prices?
- there will be more profit and this will enable marginal firms to enter a market
- This is false they are not!
5. What does PES measure?
- responsiveness of supply to a change in good
- amount of goods/ services that firms are willing to sell at a given price over a given time
- opportunity cost
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