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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