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Which way would supply curve for ecobits move to the left or the right of SC1?
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What effect would a decrease in production costs for all firms have on the aggregate supply curve?
the curve would shift to the right
How would a new excise tax effect the supply curve?
It would probably cause the supply curve upwards and shift to the left.
Which direction would the supply curve shift if there was a decrease in supply?
leftward
Is demand needed in equilibrium?
Yes. Equilibrium is created at the intersection of the Demand curve and Supply Curve. Equilibrium can be shifted if the Demand curve increases or decreases, and the same happens when the Supply curve increases or decreases. Without demand, you would just have a Supply curve.
Explain the effect an increase in the retirement age would have on a country's ppf curve?
An inrease in the retirement age would effectively increase a country's labor supply, shifting the production possibilities curve right.
What effect would a decrease in production costs for all firms have on the aggregate supply curve?
the curve would shift to the right
How would a new excise tax effect the supply curve?
It would probably cause the supply curve upwards and shift to the left.
Which direction would the supply curve shift if there was a decrease in supply?
leftward
Is demand needed in equilibrium?
Yes. Equilibrium is created at the intersection of the Demand curve and Supply Curve. Equilibrium can be shifted if the Demand curve increases or decreases, and the same happens when the Supply curve increases or decreases. Without demand, you would just have a Supply curve.
Explain the effect an increase in the retirement age would have on a country's ppf curve?
An inrease in the retirement age would effectively increase a country's labor supply, shifting the production possibilities curve right.
What events would cause a shift to the right in the supply curve?
Upgrades to its mixing equipment allow the plant to make more bars.
What does it mean when the supply curve shifts to the right?
A shift in a demand or supply curve occurs when a good's quantity demanded or supplied changes even though price remains the same. So a shift to the right would mean the good quantity suppled has increased even the the price is still the same.
Which will not cause the supply curve to shift?
A change in price level would cause movement along the demand curve, but would not cause the curve itself to shift.
Why would entire supply curve move?
This is due to an expansion(contraction) of the supply curve. i.e. the suppliers are willing to produce more(less) for the same level of price than before. This can be due to many factors such as a tax cut, better technology allowing more efficient production, natural disaster..... In short, any factors expect price would shift the entire supply curve to the right(expansion) or to the left(contraction)
If automobile workers went on strike causing a decreased supply of cars the supply curve would shift inward to the left and?
there would be an eventual upward movement along the demand curve, reestablishing equilibrium
If automobile workers went on strike causing a decreased supply of cars the supply curve would shift inward to the left and .?
there would be an eventual upward movement along the demand curve, reestablishing equilibrium
What is a perfectly inelastic supply curve?
A perfectly inelastic supply relation would be defined as one where the quantity produced remains static under any price change. If we'd plot this curve in the familiar demand-supply framework with price being on the y-axis and quantity on the x-axis, the curve would be vertical.
