Topic Videos
Competitive Supply
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Last updated 15 Jul 2023
Goods and services in competitive supply are alternative products that a business could make with resources of land, labour and capital.
Goods in competitive supply are alternative products a firm could make with its resources. E.g. a farmer can plant potatoes or carrots using essentially the same factors of production. The opportunity cost of using land for one crop might mean sacrificing production of another in each growing period.
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