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Supply GapFill

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The law of supply states that as the price of a good increasesdecreasesquantifiesequals so will supply, ceteris paribus. A driftshiftmovementconstant shift along the same supply curve is caused by a change in owndecreasingrisingother price. A total driftexpansionmovementshift is caused by other supply determinants.

While inelasticnon-priceelasticprice determinants of supply refer straightforwardly to changes in price, there are a variety of elasticinelasticpricenon-price determinants of supply, such as input prices, the quantity of sellers, technological innovation and comparative advantagefuture expectationsfactors of productionconsumer behaviour.

Supply can be used to measure a firm, an industry, future expectationsa factor of productioninnovationconsumer behaviour, or an economy.

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Pass Mark

72%