AP Microeconomics : Supply Quiz

Quiz
*Theme/Title: Supply
* Description/Instructions
Supply is the amounts that producers are willing and able to make at every possible price. A movement along the supply curve is referred to as a change in quantity supplied. This occurs when there's a change in the price of the good. A change in supply is when the entire curve shifts to the left or to the right. A change in supply will happen when there is a change in the underlying determinants of supply such as resource costs, technology, expectations of future prices, changes in related goods, taxes, and the number of producers in the industry. A major determinate of supply are costs such as wages and resources. Supply is the firm's marginal cost curve an represents diminishing marginal returns. The industry supply is made up of all of the individual supply curves.

Group: AP Microeconomics AP Microeconomics Quizzes
Topic: AP Microeconomics



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