Supply Quiz 1

What influences the decisions of sellers?

Differentiate between a change in quantity supplied and a change in supply

Explain how producers respond to changes in the price of resources

What do you think are the five shifters (determinants) of supply

What is supply?

What is the Law of Supply?

What if there are new and more productive milking machines? How would the supply of milk be affected?

What if the price for dairy cows increases drastically? How would the supply of milk be affected?