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ESI Unit 2 Lesson 2 - Supply Flashcards | Quizlet

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Start studying ESI Unit 2 Lesson 2 - Supply. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

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1. Explain that a supply curve represents the relationship between the price and the quantity supplied of a product, ceteris paribus.

2. Draw a supply curve.

3. Explain the positive causal relationship between price and quantity supplied.

4. Describe the relationship between an individual producer’s supply and market supply.

5. Explain how factors including changes in the number of suppliers, input prices, technology, taxes and subsidies, expectations and prices of related goods may change supply. (SITTER)

6. Distinguish between movements along the supply curve and shifts of the supply curve.

7. Construct diagrams to show the difference between movements along the supply curve and shifts of the supply curve.

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For a mix of many practice sets/answers, go to https://penguinecon.padlet.org/penguinecon/a887tn0d1aqi