The difference between \"supply\" and \"quantity supplied\" is that The Law of S
ID: 1161635 • Letter: T
Question
The difference between "supply" and "quantity supplied" is that
The Law of Supply states that
One reason why high prices are associated with a high quantity supplied is that
Which of the following factors would not shift the supply curve?
Petroleum is an input into making plastics. Therefore, if the price of petroleum rises, we would expect the supply of goods made of plastic to
What would be the effect of banning certain inputs, such as the dangerous pesticide DDT or certain ozone-depleting fluorocarbons, on the supply of products using these inputs?
An unexpected freeze that wipes out the Florida orange crop would
What is the effect on the supply of agricultural products of farmers using better fertilizers and pesticides?
"quantity supplied" is never known.Explanation / Answer
The difference between "supply " and "quantity supplied " is that "supply " refers to the entire curve while "quantity supplied" refers to a particular price-quantity combination on the curve.
The law of supply states that there is a positive relationship between price and quantity supplied .That is , as price rises, quantity supplied rises.
One reason that high prices are associated with a high quantity supplied is that suppliers need to be compensated for higher production costs of higher output levels.
All of the given options i.e change in technology, change in input prices ,change in the number of firms in the market and change in price expectations .All these shifts the supply curve except there is a change in the price of the good.
Petroleum is an input into making plastics.Therefore, if the price of petroleum rises, then we would expect the supply of goods made of plastic to fall. Because after increase in input price , it is expensive to produce goods.
The effect of banning certain inputs on the supply of products using these inputs .They would drop as producers are forced to use more costly inputs.
An unexpected freeze that wipes out the Florida orange crop would lower the supply of oranges on the market as orange crop wiped out.