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Students Students Students supply Students supply will describe the concept of supply will analyze a supply curve will discuss factors that affect will explain what is meant by fixed Supply ◦ The willingness and ability to offer a given good or service for sale ◦ The relationship between the price and quantity supplied for a good or service Quantity Supplied – the amount of goods or services sellers offer for sale at a given price Law of Supply – there is a direct relationship between the price of a good and the quantity sellers offer for sale Price and quantity supplied move in the same direction ◦ When price goes up the quantity supplied increases ◦ When price goes down the quantity supplied decreases Supply schedule is a table that lists the quantity of a good or service sellers offer for sale at possible prices Sellers are willing to sell or supply more at the higher price due to the profit motive. As the price of a good rises, there is greater profit The same information can also be illustrated as a supply curve, in which the quantities supplied are placed on a graph with a line connecting all of the points on the graph This allows you to move along the line and find the quantity supplied for a seller at possible selling prices Factors that will cause supply to move the curve’s position in either direction – left or right Cost of Production ◦ Input costs The price of what goes into producing a good or service directly affects how much will be supplied (land, labor, capital) ◦ Available technology Improved technology will make it easier and cheaper to supply a product Loss of technology can reduce supply ◦ Government actions Excise taxes tend to reduce supply Subsidies tend to increase supply Number of sellers Change in producer price expectation Weather Change in quantity demanded results solely from a change in price ◦ It is a movement between points along a stationary supply curve ◦ This change assume that all other supply shifter factors remain the same (no change in input costs, no change in technology, no government actions, etc) Change in supply ◦ An increase (rightward shift) or a decrease (leftward shift) of the supply curve. Results from the supply shifters (previously discussed No matter how strong the demand is, production enough to meet the demand is not possible Completely vertical supply curve fixed at a given quantity Temporary fixed supply Fixed supply can also be permanent ◦ Cause – no time to produce more ◦ no more can ever be produced songs written by Michael Jackson land in Manhattan Supply is the __________ and __________ to offer a good or service for sale. A. B. C. D. initiative . . . desire knowledge . . . opportunity willingness . . . ability strength . . . commitment Supply is the __________ and __________ to offer a good or service for sale. A. B. C. D. initiative . . . desire knowledge . . . opportunity willingness . . . ability strength . . . commitment The law of __________ states that price and quantity supplied move in the same direction. A. B. C. D. Supply Economics Capitalism Demand The law of __________ states that price and quantity supplied move in the same direction. A. B. C. D. Supply Economics Capitalism Demand The prices of what goes into producing a good or service are called __________ costs. A. B. C. D. Input Output Outsource Additional The prices of what goes into producing a good or service are called __________ costs. A. B. C. D. Input Output Outsource Additional Improved __________ can make goods easier and cheaper to supply. A. B. C. D. Quality Technology Competition Communication Improved __________ can make goods easier and cheaper to supply. A. B. C. D. Quality Technology Competition Communication Excise taxes tend to __________ supply. A. B. C. D. Stop Decrease Increase Not change Excise taxes tend to __________ supply. A. B. C. D. Stop Decrease Increase Not change Government subsidies tend to __________ supply. A. B. C. D. Stop Decrease Increase Not change Government subsidies tend to __________ supply. A. B. C. D. Stop Decrease Increase Not change Each of the following may result from an excise tax EXCEPT: A. B. C. D. increase in cost of production increase in consumer price reduction of the supply increase in the demand Each of the following may result from an excise tax EXCEPT: A. B. C. D. increase in cost of production increase in consumer price reduction of the supply increase in the demand Weather conditions would be LEAST likely to affect supply in A. B. C. D. Farming Fishing Technology Transportation Weather conditions would be LEAST likely to affect supply in A. B. C. D. Farming Fishing Technology Transportation A fixed supply results in a supply line that __________. A. B. C. D. Is vertical Is horizontal Shifts to the left Shifts to the right A fixed supply results in a supply line that __________. A. B. C. D. Is vertical Is horizontal Shifts to the left Shifts to the right