THE LAW OF SUPPLY STATES AS THE PRICE OF A GOOD GOES UP, THE QUANTITY SUPPLIED GOES UP, AND VICE- VERSA THE DIRECT RELATIONSHIP BETWEEN THE TWO VARIABLES.

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Presentation transcript:

THE LAW OF SUPPLY STATES AS THE PRICE OF A GOOD GOES UP, THE QUANTITY SUPPLIED GOES UP, AND VICE- VERSA THE DIRECT RELATIONSHIP BETWEEN THE TWO VARIABLES EXISTS BECAUSE OF THE PROFIT MOTIVE

A Change In Quantity Supplied Means….. There has been a change in… the price of the product Graphically, this is shown by movement up or down a supply curve

CAN ANYTHING BESIDES PRICE CHANGE SUPPLY? YES!!!! SPEAKING PRECISELY AS AN ECONOMIST, WHEN SOMETHING BESIDES PRICE HAS CHANGED SUPPLY THEN THERE HAS BEEN A.. “ CHANGE IN SUPPLY” GRAPHICALLY, THIS IS SHOWN BY A SHIFT IN THE SUPPLY CURVE.

WHAT CHANGES SUPPLY? THE NONPRICE DETERMINANTS TONERSTONERS ECHNOLOGY THER GOODS (cotton and soy beans) UMBER OF SELLERS XPECTATIONS ESOURCE COSTS UBSIDIES/TAXES