ECN112 - Demand and Supply Part 2: Supply and Equilibrium
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7 Terms
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Quantity Supplied
The amount of any good, service, or resource firms are willing and able to sell during a specified time period at a specified price
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Law of Supply
All else equal, there is a positive relationship between price and quantity supplied
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When do shifts in supply happen?
When anything in the world besides the price changes
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What are the factors that shift supply?
Input costs
Number of suppliers
Expectations of future prices
Prices of related goods
Technology
Taxes and regulations
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Equilibrium
The price at which quantity demanded equals quantity supplied
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Shortage
A point at which quantity demanded exceeds quantity supplied
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Surplus
When quantity supplied exceeds quantity demanded
Note 
Flashcards (22)