Movements vs Shifts in Supply Flashcards

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What does a supply curve show?

It shows how much producers will sell at different prices.

It is a change in quantity supplied caused by a change in the good's own price. Other factors stay the same.

Only a change in the good's own price.

When price rises, quantity supplied rises. This is a movement up the supply curve.

When price falls, quantity supplied falls. This is a movement down the supply curve.

The whole curve moves left or right because a factor other than price changes.

Lower costs, better technology, more firms, a subsidy, or good weather. At every price, more is supplied.

Higher costs, an indirect tax, fewer firms, bad weather, or stricter rules. At every price, less is supplied.

No. It causes a movement along the existing curve.

Ask: did only the price change? If yes, it is a movement. If any other factor changed, it is a shift.