+
3 Tutorials that teach Shifts in Supply
Take your pick:
Shifts in Supply

Shifts in Supply

Author: Dan Laub
Description:
This lesson covers shifts in supply.
(more)
See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

25 Sophia partners guarantee credit transfer.

221 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 20 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial

Notes for "Shifts in Supply"

Key Terms

Law of Supply

If the price of a good decreases, the quantity supplied decreases.

 

Substitutes (production and consumption)

As the price one good increases, the demand for an alternative good meeting the same producer or consumer need,

increases.

 

Complements (production and consumption)

A good for which the demand increases as the price of an associated good decreases.

 

Movement Along Supply Curve

Movement caused by a change in price, assuming all other variables are held constant.

 

Shift in Supply

Changes other than the price of the good itself that affect production decisions for a particular good.