Factors that Shift Supply: ROTTEN – Flashcards
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resource price/costs: if the price of resources increase, the curve shifts to the left, b/c the price must increase
answer
R
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orders/regulations: government regulates
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O
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technology: makes things less expensive to produce- shifts to the right
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T
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taxes/subsidies: government takes/gives $
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T
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expectations of producers (about future prices): if prices are expected to increase in the future, producers decrease supply now and wait till price increases
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E
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number of producers/sellers: more suppliers, supply of good rises; less suppliers, supply will decline
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N
