Supply in a market

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Supply
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
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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
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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

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

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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