ECON 304 Lecture Notes - Lecture 4: Demand Curve

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beigewhale811

15 May 2020

School

American River College

Department

Economics

Course

ECON 304

Professor

Rosario

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Document Summary

Change in supply vs changes in quantity supplied. Supply refers to the entire relationship between prices and the quantity of this product supplied at each of these prices should be thought of as "the supply curve. " Refers to one particular point on the supply curve (not the entire curve). Refers to how much of the product is supplied at one particular price is the horizontal distance between the vertical axis and the supply curve. An increase in supply versus an increase in quantity supplied. With an increase in supply: the supply curve shifts to the right. at every possible price, a greater quantity is supplied. An increase in supply might be caused by. An increase in the number of sellers. A reduction in the cost of inputs (such as labor or electricity) A technological innovation that increases output (such as the development of disease resistant crops) Unusually good weather (for an agricultural product).

Related Questions

What is the difference between an 'increase in supply' and an 'increase in quantity supplied'?

A) There is no difference between the two terms; they both refer to a movement along a given supply curve.

B) There is no difference between the two terms; they both refer to a shift of the supply curve.

C) An 'increase in supply' means the supply curve has shifted to the right while 'an increase in the quantity supplied', means at any given price supply has increased.

D) An 'increase in supply' means the supply curve has shifted to the left while an 'increase in the quantity supplied' refers to a movement along a given supply curve in response to an increase in price.

peachwildebeest710

What is the difference between an "increase in supply" and an "increase in quantity supplied"?

A) There is no difference between the two terms; they both refer to a movement along a given supply curve.

B) There is no difference between the two terms; they both refer to a shift of the supply curve.

C) An "increase in supply" means that the supply curve has shifted to the right while an "increase in the quantity supplied" means at any given price supply has increased.

D) An "increase in supply" means that the supply curve has shifted to the right while an "increase in the quantity supplied" refers to a movement along a given supply curve in response to an increase in price.

aquamarinebear50

The law of supply indicates that:
a. there is an inverse relation between price and quantity supplied.
b. there is a direct relation between price and quantity supplied.
c. there is an inverse relation between the cost of inputs and the quantity supplied.
d. none of the above.

Graphically, an increase in supply can be shown as:
a. a rightward shift of the supply curve.
b. a leftward shift of the supply curve.
c. a rightward and upward movement along the supply curve.
d. a leftward and downward movement along the supply curve.

The full price of a visit to a movie includes:
a. the price of the tickets.
b. transportation costs.
c. the opportunity cost of using time for this activity instead of the next-best alternative.
d. all of the above.

Consumers make decisions based on:
a. full prices.
b. money prices.
c. transaction costs.
d. absolute costs.

Quantity demanded is graphically represented by a ______, while demand is graphically represented by a _______.
a. line, point.
b. intersection, line.
c. point, line.
d. point, intersection.

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ECON 304 Lecture Notes - Lecture 4: Demand Curve

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