Competitive Supply Flashcards

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What is competitive supply?

It is when the same resources can make different goods, so more of one means less of another.

Goods that compete for the same resources, so producers choose between making them.

A farmer can use a field to grow wheat or barley, not both on the same land.

It falls, as producers switch to the higher priced good.

It may rise, as producers switch to the other good.

As a left shift of its supply curve. Less is supplied at each price.

In competitive supply you make one good or the other. In joint supply one process makes two goods together.

Choosing one product means giving up the profit from the other. That lost profit is the opportunity cost.

No. Switching can take time and money, like new tools or training.

Price and profit, switching costs, and resource limits.