supply movement and shifts

What does the supply curve show?

How much producers are willing and able to supply at different prices.

What is the law of supply?

↑P → ↑Qs and ↓P → ↓Qs.

What causes a movement along the supply curve?

A change in price only.

What is an extension of supply?

When price increases, quantity supplied increases.

What is a contraction of supply?

When price decreases, quantity supplied decreases.

What causes a shift in supply?

Any non‑price factor (technology, costs, number of producers, weather, etc.).

What does a leftward shift in supply mean?

Decrease in supply — e.g., higher production costs.

What does a rightward shift in supply mean?

Increase in supply — e.g., improved technology.