Supply and the Supply curve

Supply

Supply

quantity of a good/service producers are willing and able to produce at a given price in a given time period

Law of supply

Direct relationship between price and quantity supplied assuming ceteris paribus

whats this

extension of supply

whats this

contraction of supply

why the positive gradtient

profit motive (if q increases, production cost increases so price increases)

what causes a supply shift and what happens to the price

non price factors and price stays the same

what is the acronym for the non price factors

PINTSWC

P

productivity (output per hour)

I

indirect tax

N

Number of firms

T

technology

S

Subsidy

W

weather

C

Costs of production - transport, labour, raw material, utilities, regulations

In costs of production what is tulrr

transport utilities labour raw materials regulations