Create an account
expecting change in future product can effect producers willingness to supply product; expectation that price will increase may cause firms to add more workers or expand facilities causing increase in supply
higher prices of other goods can cause producers to switch production to an alternative good to increase profit; when the price of alternative goods declines, producers may decide to produce original goods instead to increase supply and profit; substitution makes a decline in supply of the original good
larger number of suppliers= greater supply; more firms supply= curve shifts to right; less firms supply=firms shift to left; ex: more tattoo parlors=more tattoos
The cost of labor, capital and natural resources needed to produce a good or service; , if objects cost more there will be less supplied/ the amount of money it costs to raise a good or service
taxes are price; increase in tax increases production cost which reduces supply; subsidies are taxes in reverse; production of a good that lowers producer's cost and increases supply
improvement in techniques of production enables firms to produce units of output using fewer resources; using fewer resources lowers production cost and increases supply
Please allow access to your computer’s microphone to use Voice Recording.
Having trouble? Click here for help.
We can’t access your microphone!
Click the icon above to update your browser permissions and try again
Reload the page to try again!Reload
Press Cmd-0 to reset your zoom
Press Ctrl-0 to reset your zoom
It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.
Please upgrade Flash or install Chrome
to use Voice Recording.
For more help, see our troubleshooting page.
Your microphone is muted
For help fixing this issue, see this FAQ.
Star this term
You can study starred terms together