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
4 of 7
Extension in supply
when there is an increase in supply because the market price has risen
5 of 7
Contraction in supply
when the amount offered for sale is reduced because the price level has fallen
6 of 7
Joint supply
when the production of one good also results in the production of another
7 of 7
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
Back
Card 5
Front
when there is an increase in supply because the market price has risen
Comments
No comments have yet been made