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3 cards from this section. Quick, good the night before a test.
What does the supply curve represent?
Think about how it relates to price changes.
What is the law of supply?
Remember the direct relationship?
What does the supply curve illustrate?
Focus on both price and quantity aspects.
The law of supply suggests that producers are willing to offer more goods when the price:
Remember the principle of supply.
A sudden increase in the price of oil has occurred. Discuss how this would impact the supply curve of products that rely on oil for production.
Think about how oil prices affect multiple industries.
Analyzing the market for electric cars, if a new technology significantly lowers production costs, what would you expect in terms of the supply curve?
Consider how lowering costs influences supply availability.
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