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7 Cards in this Set
- Front
- Back
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Define Supply.
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The total quantities of a good that sellers are willing and able to sell at alternative prices in a given time period
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What is the relationship between price and quantity-supplied?
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The quantity of a good supplied in a given time period increases as its price increases
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Illustrate a supply schedule using a graph.
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What are the determinants of supply?
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- Technology
- Factor costs - Other goods - Taxes and subsidies - Expectations - Number of sellers |
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Explain the differences between changes in supply and changes in quantity-supplied.
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Changes in quantity supplied: movements along the supply curve due to changes in price
Changes in supply: shifts in the supply curve due to changes in the determinants of supply - An increase in supply is a rightward shift - A decrease in supply is a leftward shift |
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Illustrate a change in quantity supplied using a graph.
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How do economists define market supply?
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The total quantities of a good that sellers are willing and able to sell at alternative prices in a given time period
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