How markets work - The market forces of supply and demand - Supply
6 important questions on How markets work - The market forces of supply and demand - Supply
Why does the quanitity supplied of a good increase, when the price is rises?
How is the market supply curve obtained from the individual supply curves?
What is the difference between supply and quantity supplied?
Supply is the relationship between quantity supplied of a good (per time period) & the price of that good.
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Which changes in which variables can lead to shifts in the supply curve?
- Input prices (increase or decrease --> can also be tax changes)
- Technology (production advances etc.)
- Expectations (in future price changes)
- Number of sellers (increase or decrease)
What causes the Supply Curve to shift to the left?
Seen from the suppliers' perspective: why does a rise in the price of inputs lead to a decrease in supply of a good?
- At any given price, suppliers would want to supply less of a good to keep the same profit.
- At any given quantity produced, suppliers would want to increase the price to keep the same profit.
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