supply

Question 1

what is supply?

Answer 1

the amount of a good and service producers are both willing and able to sell at each possible price in a given period of time, ceteris paribus

Question 2

what is quantity supplied?

Answer 2

a particular quantity that is offered for sale at a particular price

Question 3

how is quantity supplied represented on the supply curve?

Answer 3

reflected by a point on the supply curve

Question 4

what does the law of supply state?

Answer 4

in a given time period, the quantity supplied of a product is directly related to its price, ceteris paribus

Question 5

what causes changes in supply?

Answer 5

changes in non-price determinants

Question 6

what causes changes in quantity supplied?

Answer 6

changes in price determinants

Question 7

what are the non-price determinants?

Answer 7

W: weather/seasonal factors
E: expectations of businesses
T: technology
P: price of related goods
I: input prices
G: government policies 
S: supplier numbers

Question 8

how is a change in supply shown diagrammatically?

Answer 8

shown by a leftward/rightward shift of the whole supply curve

Question 9

how is a change in quantity supplied shown diagrammatically?

Answer 9

shown by movement of a point along the supply curve