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3 cards from this section. Quick, good the night before a test.
What is a supply curve?
Think about what influences the quantity supplied for different prices.
How does technological progress affect the supply curve?
Consider what happens when a company uses better technology.
What happens to a firm's supply curve when production costs decrease?
Consider the effect of lower costs on supply.
True or False: An increase in input prices will always decrease the quantity supplied.
Think about how costs impact the decision to supply.
If the price of a key input in production rises significantly, detail the steps a firm might take to respond. Consider both short and long-term adjustments.
Consider how businesses plan for both immediate and future challenges.
Imagine a firm develops a groundbreaking technology that cuts its production costs by half. Discuss the expected changes in its supply curve and market behavior.
Think about how market dynamics change when supply increases.
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