AP®︎ Microeconomics: Topic 2.2 Flashcards

The quantity producers are willing and able to sell at various prices over a period.

As price rises, quantity supplied rises; as price falls, quantity supplied falls.

An upward-sloping graph showing the relationship between price and quantity supplied.

The amount producers offer for sale at a specific price.

The total amount all producers in a market are willing and able to sell.

Add individual quantities supplied horizontally at each price to get market supply.

Resource costs, taxes or subsidies, technology, expectations, and number of sellers.

Higher input prices decrease supply, while lower input prices increase supply.

Taxes decrease supply by raising costs; subsidies increase supply by lowering costs.

Improved production methods increase output per resource unit and shift supply right.

Beliefs about future prices or conditions can increase or decrease current supply.

More firms in a market increase supply; fewer firms decrease supply.

Price changes move along the curve; nonprice determinant changes shift the curve.

A table showing quantities producers will sell at different prices.