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of sellers in the market. A change in any one or more of these determinants of supply, or su ly shifters, will move the supply curve for a product either to the right or to the left. A shift to the right, as from S1 to S2 in Figure -4, signifies an increase in supply: Producers supply larger quantities of the product at each possible price. A shift to the left, as from S1 to S , indicates a decrease in supply. Producers offer less output at each price.

Changes in Supply

Let's consider how changes in each of the determinants affect supply. The key idea is that costs are a major factor underlying supply curves; anything that affects costs

(other than changes in output itself) usually shifts the supply curve.

^TABLE 3-6^ MARKET SUPPLY OF CORN, 2DD PRODUCERS

(1) Price per bushel

(2) Quantity supplied per week, single producer

(3) Number of sellers in the market

(4) Total quantity supplied per week

$5

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