supply notes

Question 1

law of supply

Answer 1

willingness and ability of sellers to produce a good or service

Question 2

determinants of supply

Answer 2

-technology, -cost of resources, -producers price expectations, -producers expectation of the cost of resources, -competition, -tax/subsidy

Question 3

technology

Answer 3

if they loose technology, supply goes down.
if they gain technology, supple goes up

Question 4

cost of resources

Answer 4

if the cost of resources goes up, the supply goes down
if it goes down, supply goes up

Question 5

producers price expectations

Answer 5

if your willing to pay more, the supply goes up

Question 6

producers expectation of the cost of resources

Answer 6

if the future price of resources goes up then the supply in the moment goes up. if the future price goes down then the supply in the moment goes down

Question 7

competition

Answer 7

if theres more stores than the supply will go up, if theres less stores then the supply will go down

Question 8

tax/subsidy

Answer 8

if there’s tax, supply goes down, if there’s subsidy, supply goes up