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Supply: Definitions Law of supply Supply schedule and supply curve

Supply: Definitions Law of supply Supply schedule and supply curve

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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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