ECON 101 Lecture Notes - Lecture 9: Economic Equilibrium, Demand Curve, Vocab (Song)

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cerisegiraffe538

19 Nov 2017

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Econ 101 lecture 9 - supply curve and equilibrium. A graphical representation of the relationship between the price of a good or service and the quantity supplied for a given period of time. The quantity of a good or service that producers are willing to sell at a particular price. A change in the quantity supplied at any given price. The causes for a supply curve shift are very similar to demand curve shifts. For example, the price of labor goes up. If the p of labor increases, the supply curve shifts. Left because less quantity can be supplied if to the they want to keep selling at the same price. For example, the number of firms goes up. If the number of firms increases, the supply. Right because they can curve shifts to the produce more for the same price. Where the equilibrium price equates quantity supplied (q s ) and quantity demanded.

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

: Do the following cause a change in demand (shift in demand curve), change in supply (shift in supply curve), change in quantity demanded (movement along demand curve) or change in quantity supplied (movement along supply curve)?

1) The market for Aquafina water. The price of Dasani increases.

2) The market for ground beef. The price of cow-feed increases

. 3) The market for hamburger patties. The price of hamburger buns decreases.

4) The market for pistols. Republicans fear that a democratic president will initiate new gun control laws making it more difficult to purchase guns.

ECON 101 Lecture Notes - Lecture 9: Economic Equilibrium, Demand Curve, Vocab (Song)

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