Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 24P
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Question
Supply:
- Definitions
- Law of supply
- Supply schedule and supply curve
- Determinants of supply
- What causes the supply curve to shift left or right?
- This could include, amongst other things
- The cost of factors of production
- The price of other products that the producer could produce instead of the existing product.
- Government intervention
- Taxes
- Subsidies
- The state of technology
- Expectations
- Number of sellers
- Change in supply vs. a change in quantity supplied
- Distinction between a movement along a supply curve and a shift of the supply curve
- Change in price vs. a change in a non-price factor
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