# Supply Review

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 If something happens to alter the quantity supplied at any given price, then the supply curve shifts When quantity supplied decreases at every possible price, we know that the supply curve has shifted to the left When quantity supplied increases at every possible price, we know that the supply curve has Shifted to the left An increase in supply is represented by a rightward shift of the supply curve A decrease in supply is represented by a leftward shift of the supply curve An increase in quantity supplied results in a movement upward and to the right along a fixed supply curve A decrease in quantity supplied results in a movement downward and to the left along a fixed supply curve A leftward shift of supply curve is called decrease in supply A rightward shift of supply curve is called increase in supply A movement upward and to the right along a supply curve is called an increase in quantity supplied A movement downward and to the left along a supply curve is called decrease in quantity supplied A decrease in the price of a good will decrease in quantity supplied An increase in the price of a good will increase in quantity supplied When the price of a good or service changes there is a movement along a given supply curve A movement along the supply curve might be caused by a change in the price of the good or service that is being supplied Holding the nonprice determinants of supply constant, a change in price would result in a movement along a stable supply curve An increase in the price of a good would give producers an incentive to produce more An increase in the price of oranges would lead to a movement up and to the right along the supply curve for oranges The supply for cookbooks shifts When a determinant of the supply of cookbooks other than the price of cookbooks changes Lead is important in the production of crystal. If the price of lead decreases, then we would expect the supply of Crystal to increase Suppose you make jewelry. If the price of god falls, then we would expect you to Be willing and able to produce more jewelry than before at each possible price Supposed there is an increase in the price of steel. We would expect the supply curve for steel beams shift leftward Wheat is the main input in the production of flour. If the price of wheat decreases, then we would expect the supply of flour to increase An increase in the price of rubber coincides with an advance in the technology of tire production. As a result of these two events, The shift is ambiguous A technological advance will shift the supply curve to the right An advance in production technology will decrease a firm’s costs and increase its supply If car manufacturers begin utilizing new labor-saving technology on their assembly lines, we would NOT expect Individual car manufacturers to move up and to the right along their individual supply curves Today, producers changed their expectations about the future. This change can affect today’s supply If suppliers expect the price of their product to fall in the future, then they will increase supply now What will happen in the rice market now if sellers expect higher rice prices in the near future? The supply of rice will decrease Today’s supply curve for gasoline could shift in response to A change in the expected future price of gasoline A dress manufacturer recently has come to expect higher prices for dresses in the near future. We would expect the dress manufacturer to supply fewer dresses now than it was supplying previously Recent forest fires are expected to cause the price of lumber to rise in the next 6 months. As a result, we can expect the supply of lumber to Fall now What is a determinant of the market supply curve but NOT a determinant of an individual seller’s supply? Number of sellers If the number of sellers in a market increases, then the supply in that market will increase A decrease in the number of sellers in the market causes the supply curve to shift to the left

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