Supply And Elasticity Of Supply — Flashcards
ICSE · Class 12 · Economics
36 flashcards for Supply And Elasticity Of Supply (ICSE Class 12 Economics) to test yourself on key terms and facts. Sample: "What is supply in economics?"
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What is supply in economics?
Answer
Supply is the quantity of a commodity which a seller is prepared to sell at a given price during a particular time. It can also be written as a schedule of quantities offered for sale at various price…
What are the three essential features of supply?
Answer
Supply has three essential features: desired quantity, related to price, and flow variable. It is a desired quantity because it shows what sellers are willing to sell, it is related to price because s…
Who defined supply as a schedule of the amount of a good offered for sale at all possible prices?
Answer
Meyers gave this definition of supply. It shows supply as a schedule of quantities offered for sale at all possible prices during a particular period of time or at any one instant of time when conditi…
What is the difference between supply and quantity supplied?
Answer
Supply means the whole schedule of quantities offered for sale at various prices. Quantity supplied means one specific quantity of a commodity offered for sale at one particular price. For example, in…
How is supply different from stock?
Answer
Supply is a flow concept that refers to the quantity a seller is willing to sell during a period of time. Stock is a fixed quantity at a particular point of time. Supply changes with time and price, w…
What is individual supply?
Answer
Individual supply is the quantity of a commodity which a single firm is willing to produce and offer for sale at a particular price during a specified period. It is also called an individual supply cu…
What is market supply?
Answer
Market supply is the sum total of supply of a commodity made by individual firms. It means the quantity that all firms in the market are willing to sell at a particular price during a specified period…
How is market supply schedule found from individual supplies?
Answer
Market supply schedule is found by adding the supplies of all firms at the same price. If firm A supplies 200 units, firm B supplies 300 units, and firm C supplies 250 units at the same price, then ma…
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