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1. Why is supply upward sloping?

2. What is the difference between quantity supplied and change in supply?

3. What are the six determinants that cause the supply curve to shift?

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A shift in the SC, referred to as a change in supply, occurs only if a non-price determinant of supply changes. For example, if the price of an ingredient used to produce the good, a related good, were to increase, then the SC would shift left. The following factors affect Supply and changes in these determinants will shift the SC.

1. Input Prices

If the price of raw materials used in the production of a product goes down, then S will increase, i.e. shift to the right. If the price of inputs increase then S will decrease, shift to the left.

2. Improvements in technology

If there are any major advancements in technology, then the cost of production will decrease and S shifts to the right. For example, USB flash drives began with a storage capacity of 8 mb and were fairly expensive, but now with steady improvements you can buy flash drives with hundreds of Gb of capacity at a lower price.

3. Government Policy

Government policies can have a significant impact on supply. For example: If the government imposes a subsidy on the good, then S increases while a tax on the good will have the opposite effect of decreasing S.

4. Size of the market

If the size of the market increases, then there will likely be an increase in the number of firms in the market. This usually tends to increase S.

5. Time

Over time, firms are able to increase capacity and are able to increase S.

6. Expectations

The concern about future market conditions can directly affect S. If the seller believes that the demand for his product will sharply increase in the foreseeable future then the firm owner may immediately increase production in anticipation of future price increases. This would shift the SC outwards, i.e. increase supply.

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The Law of Supply | Intelligent Economist

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A shift in the SC, referred to as a change in supply, occurs only if a non-price determinant of supply changes. For example, if the price of an ingredient used to produce the good, a related good, were to increase, then the SC would shift left.

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Supply - The Economic Lowdown Video Companion

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Economic Education Specialist, Scott Wolla, explains concept of supply in the first episode of the Economic Lowdown Video Companion. Students will learn how changes in the price of a good affect the quantity of the goods produced and how changes in market conditions will affect the supply curve.

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Honors Unit 2 Lesson 2 - Supply and Supply Determinants (Curve Shifters) Flashcards | Quizlet

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Start studying Honors Unit 2 Lesson 2 - Supply and Supply Determinants (Curve Shifters). Learn vocabulary, terms, and more with flashcards, games, and other study tools.