Changes in supply

Costs of production rise

• Supply falls

• Supply rises

• Quantity supplied rises

• Quantity supplied falls

Costs of production fall

• Supply falls

• Supply rises

• Quantity supplied rises

• Quantity supplied falls

New technology introduced

• Supply falls

• Supply rises

• Quantity supplied rises

• Quantity supplied falls

An increase in the price of related goods

• Supply falls

• Supply rises

• Quantity supplied rises

• Quantity supplied falls

A decrease in the price of related goods

• Supply falls

• Supply rises

• Quantity supplied rises

• Quantity supplied falls

Technology fails

• Supply falls

• Supply rises

• Quantity supplied rises

• Quantity supplied falls

When technology fails, which two things happen?

• increase in costs of production

• decrease in costs of production

• fall in revenue

• a decrease in supply

When technology improves, which two things happen?

• increase in costs of production

• decrease in costs of production

• an increase in supply

• a decrease in supply

When costs of production rise, which two things happen?

• Profit falls

• Revenue falls

• Supply increases, curve shifts right

• Supply falls, curve shifts left

When costs of production fall, which two things happen?

• Profit falls

• Profit rises

• Supply increases, curve shifts right

• Supply falls, curve shifts left