Learning objectives
State the law of supply and explain why the supply curve slopes upward, linking it to rising marginal cost
Construct a supply curve from a supply schedule and distinguish individual supply from market supply
Distinguish a movement along the supply curve (change in quantity supplied) from a shift of the curve (change in supply)
Explain the determinants of supply: input prices, technology, number of sellers, expectations, prices of other goods the firm could produce, and taxes, subsidies and regulation
Show an increase or decrease in supply on a diagram and identify the direction of the shift
Continue with a revision plan
These learning objectives are available to everyone. Sign in with an eligible plan to read the full note and worked examples.