Market Supply
If Market Supply rises, the supply curve will shift to the...
What is Right?
Demand changes by small amounts or does not change at all even if price changes drastically
What is inelastic products?
Two or more products are produced together from a common resource or input.
What is Joint Supply?
Supply made by a taxable person to a recipient comprising two or more supplies of goods or services or any combination...
What is Composite Supply?
At the top of the curves
What is a Surplus?
The number of units producers are willing to offer for sale at a specific price
What is quantity supplied?
Products with few or no substitutes...
The supply of the byproduct is directly linked to the production of the primary good.
What is interdependence?
A hotel offering a package that includes a room, breakfast, and other amenities like free Wi-Fi.
Example of Composite Supply
At the bottom of the curves
A graphical representation of the supply schedule
What is supply curve?
Demand changes by large amounts when the price is only slightly changed
What is elastic products?
Joint supply arises when producing a primary good automatically generates another good as a byproduct.
A gift-wrapped box of chocolates, where the chocolates are the principal supply, and the box, wrapper, and gift-wrapping service are incidental or supporting elements
What is an example of Composite Supply?
Signals the price is too high
What is a surplus?
If Market Supply drops, the supply curve will shift to the...
What is left?
Products with substitutes or luxury items...
Both goods are produced together; you can't produce one without the other.
What is simultaneos production?
An airline providing transportation services along with an in-flight meal.
What is an example of Composite Supply
Signals the price is too low
What is a shortage?
As the price of other goods rise, a producer may shift production to that good and cause a decrease in the initial good.
What is prices of other goods?
Extent of change in price causes...
What is a change in demand?
Situations where the production of one good inherently leads to the production of another good
What is complementary goods?
A company selling a new laptop that comes with a warranty and pre-installed software.
What is an example of composite supply.
Sold-out concert tickets or unavailable PPE during a pandemic)
What is an example of Surplus&Shortages