Supply - distributors etc 2 Number of sellers a The number...

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Microeconomics Supply Supply is what a producer is willing, capable, and ready to sell to a consumer at any given price Quantity supplied: amount that sellers are willing and able to sell Important: Price will only affect the quantity supplied and not overall supply. Law of Supply o Price increases, quantity supplied increases, other things equal Shifters of the Supply Curve 1. Input price a. What it costs to produce a good, e.g. capital costs, cost of raw materials, cost of
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Unformatted text preview: distributors etc. 2. Number of sellers a. The number of sellers of a given product 3. Technology a. The efficiency of which a product can be made 4. Expectations a. Expectations of future market conditions, e.g. if a raw material is expected to become more expensive, suppliers will produce more of that product now On a Diagram o The Supply Curve slopes upwards from left to right....
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