supply and law of supply

determinants of supply

changes in non-price factors that will cause an entire supply curve to shift {__1__**-increasing or decreasing market supply**; these include: __2__.t**he number of sellers in a marke**t,__3__. t**he level of technology used in a good’s production**, __4.__ t**he prices of inputs used to produce a good**, __5__. t**he amount of government regulation,** **subsidies or taxes in a market,**__**6**__**. the price of other goods sellers could produce,** __**7**__**. and the expectations among producers of future prices-.}**

change in supply

a movement or shift in an entire supply curve resulting from a change in one of the non-price determinants of supply

change in quantity supplied

a movement along a supply curve resulting from a change in a good’s price.

quantity supplied

the amount of a good or service that sellers are willing to sell at a specific price; quantity supplied is represented in a graphical model as a single point on a supply curve.

law of supply

all other factors being equal, there is a direct relationship between a good’s price and the quantity supplied; as the price of a good increases, the quantity supplied increases; similarly, as price decreases, the quantity supplied decreases, leading to a supply curve that is always upward sloping.

supply

a schedule or a curve describing all the possible quantities that sellers are willing and able to produce, at all possible prices they might encounter in a particular period of time; supply is represented in a graphical model as the entire supply curve.

when price increases

supply decreases

a fall in price causes a movement along the same supply curve