Supply Flashcard

Front

When producers offer more of a good as its price increases and less as its price falls, this defines the

Back

law of supply

Front

The willingness and ability of a producer to make a product is referred to as

Back

supply

Front

A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

Back

Front

Which way does a supply curve slope?

Back

up

Front

This part of the market determines SUPPLY

Back

producers

Front

Which of the following leads to an increase in supply?
- Gallery Furniture will raise prices on all wood furniture
- six new companies begin producing smart phones
- price of a complementary good goes down
- increased cyclical employment

Back

six new companies begin producing smart phones

Front

If I make Jordans for $50 and sell them for $100. I will make $50. This is an example of...

Back

profit

Front

When the gov't pays money to businesses, usually to encourage them to produce a certain product..

Back

subsidies

Front

The cost of production includes the price of resources. If resources become more expensive, what will happen to supply levels?

Back

decrease

Front

The diagram represents a(n)

Back

increase in supply