The Nature of Supply (Edexcel A-Level Economics A): Flashcards

Qty producers willing & able to sell at given price

Upward sloping (positive relationship with price)

Movement along curve when price increases

Movement along curve when price decreases

Movement along supply curve

Sensitivity of qty supplied to price change

% change in qty supplied ÷ % change in price

At least one factor of production is fixed

All factors of production are flexible

Shifts right (increases supply at each price)