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supply
chapter 7
| Term | Definition |
|---|---|
| capacity constraint | a physical limit to the quantity of a good that a firm is able to supply. |
| individual supply curve | a graph showing the different quantities of a good a firm is willing to supply at each price. |
| individual supply schedule | a list or table showing the different quantities of a good a firm is willing to supply at each price. |
| unplanned factors | those factors that can affect the supply of a good that cannot be planned by firms in advance |
| supply function | a list of all the factors affecting the supply of a good |
| state of technology | the methods of production available to firms |
| related goods | goods that a firm could produce instead of the good it is currently producing |
| perfectly inelastic supply | a situation where quantity supplied is fixed regardless of price |
| market (aggregate) supply curve | a graph showing the total quantities of a good that all firms are willing to supply at each price |
| market (aggregate) supply schedule | a list or table showing the total quantities of a good that all firms are willing to supply at each price |
Created by:
jmartineconomics
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