Microeconomics Ch. 4 Supply

If a demand curve stays the same and the supply curve shifts to the right,

If a minimum wage rises:

A rise in the price of brandname drugs causes drug companies to decrease the supply of generics

A vegetable farmer sees tomato prices increase so he plants less sweet corn:

If a non-price determinant occurs

An increase in the per six-pack tax on beer reduces the supply of beer:

Suppliers will offer more for sale at a higher price than at a lower price:

a shortage:

Consumers will buy more at a lower price than at a higher price:

shift in supply curve to the left:

If the supply curve stays the same and there is an increase in demand

If qty supplied decreases,

A surplus:

A shift of the supply curve to the right:

If the government sets a limit on how much rent can be charged for living quarters:

If qty supplied increases,

__________are the signals that guide the allocation of resources.

The U.S. decides to lower trade restrictions and barriers so more goods can enter the U.S.

Farmer has to pay more for a new combine:

Oil companies anticipate a substantial rise in future prices, so they decrease their supply

If a demand curve stays the same and there is a decrease in supply

If qty supplied decreases,

Equilibrium price:

A decline in the price of electronic components for computers:

All car manufacturing companies get a new robot to increase the speed of making cars:

oil refinery is destroyed by a tornado

If the qty supplied increases,