Supply

Question 1

There are two factors determine price, what are they?

Answer 1

SUPPLY AND DEMAND

Question 2

What is supply?

Answer 2

The quantity of a good or service that will be provided at different prices

Increasing output normally results in higher per unit cost, more goods will be provided only at higher sales prices

Question 3

Does supply have positive or negative slop?

Answer 3

Positive Slope

Question 4

As price increase, what happens to supply?

Answer 4

As price increases, so does supply!

Question 5

What is a market supply curve?

Answer 5

Sum of individual supply curves

Question 6

What causes a shift in supply?

Answer 6

• Number of provides
• Changes of inputs
• Technology
• Etc

Factors OTHER THAN PRICE!!!!!!

Question 7

What is a change in quantity supplied?

Answer 7

Movement along a GIVEN SUPPLY CURVE

CHANGE IN SUPPLY- SHIFT IN SUPPLY CURVE (FACTORS OTHER THAN PRICE!!)

Question 8

If supply curve INCREASES, what direction does the curve move?

Answer 8

RIGHT AND DOWN

Question 9

If the supply DECREASES, what direction does the curve move?

Answer 9

LEFT AND UP