What are "Determinants of Supply"?
the things that cause the supply curve to shift left or right.
What are the six Determinants of Supply?
� Resource Prices
� Technological Advances
� Taxes and Subsidies
� Prices of Other Goods
� Price Expectations (the producer expects)
� Number of Sellers
What Determinants will cause the Demand curve to shift right?
� Resource P decrease
� Technological advance
� Subsidy
� Producers expect lower prices in future
� Increase in the price of substitute good, increases the S of the substitute good
� Increase in the number of sellers
What Determinants will cause the Demand curve to shift left?
� Resource P increase
� Tax
� Producers expect higher prices in future
� Increase in the price of substitute good, decreases
the S of the original good
� Decrease in the number of sellers