changes in supply (8)

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9 Terms

1
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What is a change in quantity supplied?
A movement along the supply curve caused by a change in price.
2
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What causes a movement along the supply curve?
A change in the product's own price.
3
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What is a change in supply?
A shift of the entire supply curve caused by a non-price factor.
4
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What causes a rightward shift of the supply curve?
An increase in supply.
5
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What causes a leftward shift of the supply curve?
A decrease in supply.
6
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What factors increase supply?
Lower costs, better technology, more firms, subsidies and expected future price falls.
7
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What factors decrease supply?
Higher costs, taxes, fewer firms and expected future price rises.
8
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Can a change in price shift the supply curve?
No, it only causes movement along the curve.
9
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What causes a supply curve to shift?
A change in a non-price determinant of supply.