a) Supply

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Last updated 9:28 PM on 2/11/26
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9 Terms

1
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  • define supply

  • the amount of a good or service that firms are willing and able to supply at a given price and time

2
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  • show a supply curve

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3
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  • state what a change in only the price causes

  • a change in the quantity supplied

  • a movement along the supply curve

4
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  • state how a price decrease affects the quantity supplied

  • quantity supplied decreases

  • contraction in quantity supplied

<ul><li><p>quantity supplied decreases</p></li><li><p>contraction in quantity supplied</p></li></ul><p></p>
5
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  • state how a price increase affects the quantity supplied

  • quantity supplied increases

  • extension in quantity supplied

<ul><li><p>quantity supplied increases</p></li><li><p>extension in quantity supplied</p></li></ul><p></p>
6
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  • define the conditions of supply

  • the factors other than price that cause a change in supply

7
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  • state what happens to the supply curve if supply decreases

  • supply curve shifts left

<ul><li><p>supply curve shifts left</p></li></ul><p></p>
8
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  • state what happens to the supply curve if supply increases

  • supply curve shifts right

<ul><li><p>supply curve shifts right</p></li></ul><p></p>
9
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  • state three examples of a condition of supply

  • a change in the cost of production

  • a change in agricultural conditions

  • a change in the number of firms that sell the good or service