Econs 2a
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Last updated 5:33 PM on 4/2/26
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4 Terms
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Acronym for Non-Price Determinants of SUPPLY
WETPIGS
2
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Acronym for Non-Price Determinants of DEMAND
EGYPT
3
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When will there be a change in QUANTITY DEMANDED?
A change in PRICE of the good itself
4
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How will advancements in TECHNOLOGY affect supply?
Tech advancements:
Increase in productivity ( Less labour and wages paid)
Lower cost of production: Increase profitability
Rational profit-maximisers producers will be more willing and able to produce MORE supply
RIGHTWARD SHIFT of supply curve
