Supply is defined as the quantity of a good or service that producers are willing and able to supply at a given price in a given time period. An increase in supply means that producers are willing to produce more of a product at all price levels. It is represented by a rightward shift in the supply curve. An increase in supply can be caused by a range of factors such as a change in the price of factors of production, an increase in productivity and technological developments.
lydiajane74 answered the question on July 4, 2018 at 16:13
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Explain what is meant by the basic economic problem.
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July 4, 2018
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Critically examine the view that removing trade barriers is a more effective way of promoting economic development in Less Developed Countries LDCs than extensive foreign aid programmes.
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July 4, 2018
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July 4, 2018
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July 4, 2018
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July 4, 2018
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July 4, 2018
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Explain how an economist measures the social cost of production.
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July 4, 2018
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Explain why, in theory, perfectly contestable markets result in an efficient allocation of resources.
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July 4, 2018
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July 4, 2018
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Analyse some of the policies the government could use to reduce income inequality.
Date posted:
July 4, 2018
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July 4, 2018
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Explain the main uses of estimates of cross price elasticity of demand.
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July 4, 2018
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Explain what is meant by cross price elasticity of demand.
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July 4, 2018
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Explain what is meant by the efficient use of scarce resources
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July 4, 2018
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July 4, 2018
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Explain the main macroeconomic policy objectives of a government.
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July 4, 2018
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Evaluate the view that a government should always maintain a balanced budget.
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July 4, 2018
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July 4, 2018
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Explain the main components of aggregate demand
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July 4, 2018
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