Econ: Graphing Supply Review


Supply v QSupplied
Identify the difference between a change in supply or a change in quantity supplied. A change in quantity supplied is a movement along the supply curve and can be caused only by a change in the price of the good or service. At a lower price, a smaller quantity is supplied. A change in supply is a shift of the curve whereby more or less is supplied at every price. A change in technology, in production costs, in the number of sellers, government policies, seller expectation, or other conditions will cause a change in supply.


Homework:
5.4 How Do Supply and Price Interact (read pp. 82-85)
5.5 What Can Cause Supply to Change (read pp.85-87)

Arrows-02-june

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