The nature of Supply 0.0 / 5 ? EconomicsNature of supplyA2/A-levelEdexcel Created by: callum metcalfCreated on: 04-03-19 10:10 Supply The quantity of a good or service that firms choose to sell at any given price in a period of time. 1 of 6 Firm An organistaion that brings togther factors of production to produce output. 2 of 6 Competitive market A market in which individual firms cannot influence the price of the good or service they are selling, because of competion from other firms. 3 of 6 Supply curve A graph showing the quantity supplied at any given price. 4 of 6 Cartel An aggreement between firms in a amrket on price and output with the intention of maximising their joint profits. 5 of 6 Price elasticity of supply (PES) A meausre of the sensitivity of quantity supplied of a good or service to a change in the price of that good or service. 6 of 6
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