lesson 9- supply

Question 1

what is supply?

Answer 1

the amount of a product that suppliers are willing and able to supply at a set price over a period of time

Question 2

what does a shift left and right of the supply curve mean?
+draw a supply and demand curve

Answer 2

left-decrease
right-increase
https://www.google.com/url?sa=i&url=https%3A%2F%2Fbrilliant.org%2Fwiki%2Fsupply-and-demand%2F&psig=AOvVaw3qzT_MK_w80EfWVDsJ3cwP&ust=1729614192485000&source=images&cd=vfe&opi=89978449&ved=0CBQQjRxqFwoTCKC15I3xn4kDFQAAAAAdAAAAABAE

Question 3

what are two impacts that higher market price have on supply?

Answer 3

Profit motif:
as market price rises it becomes more profitable to increase output/ supply for a firm
New entrants
when higher prices encourage others to enter the market

Question 4

what are the determinants of supply?

Answer 4

Productivity
Indirect tax
Number of suppliers/firms
Technology
Subsidies
Weather
Cost of production
PINTSWC

Question 5

draw the impact on a supply and demand curve of
a drought season in a potato market
an increase in income on a normal good
a cut in indirect tax for firms
less advertising of a good

Answer 5

1-supply shifts left
2-demand shifts right
3-supply shifts right
4-demand shifts left

Question 6

what is joint supply?

Answer 6

when an increase in supply of one product leads to an increase in supply for another, and vice versa