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- Supply Overview
- Supply Terminology
- What it means have supply
- Definition of Supply
- Supply Curve
- Positive relationship between price and quantity
- Law of Supply
- Why Supply is Upward Curve
- What it looks like graphically
- What it looks like algebraically
- Change in Supply
- Increase in supply
- Decrease in supply
- Factors for Change in Supply
- Understanding the Law of Supply & Definitions
When a firm supplies a good or service, then:
- The firm has the resource and technology to product it
- The firm profits from making it
- The firm is definitely making it and selling it
- All of the above
- Which of the following explains why the supply curves have positive relationships between price and quantity supplied?
- The higher the price of the good, the more consumers will buy the item
- The higher the marginal cost, the more the companies will produce the good. This gives more supply to the economy.
- The higher the price of the good, more firms will produce and sell because any higher opportunity costs can be covered by the higher price.
- None of the above
- Using the Supply Curve
Using the follow information from the table, graph the demand curve.
Quantity Supplied (Chocolate)
- Understanding the Change in Supply
Which factor effects the following events of the supplies, and what does it do to the supply curve?
- The minimum wage of workers rises.
- The price of candies rises.
- A new technology lowers the cost of production of new clothes.
- Suppose a tornado unfortunately went to your area of production, damaging all your resources and supplies. The supply becomes very scarce, but the price of the good stays the same. Will firms compensate and try to supply the same quantity as before? Why or why not?