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FACTOR DEMAND DETERMINANTS: The three most important determinants that shift the factor demand curve are: (1) product price, (2) factor productivity, and (3) prices of other factors. Like any determinant, these three cause the factor demand curve to shift to a new location. An increase in factor demand is a rightward shift of the factor demand curve and a decrease in factor demand is a leftward shift.

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Lesson 6: Supply | Unit 2: Law of Supply Page: 5 of 19

Topic: Definition <=PAGE BACK | PAGE NEXT=>

The law of supply is the basic principle underlying supply.

A definition:

The law of supply is a direct relationship between supply price and the quantity supplied, ceteris paribus.

  • Direct relationship means that people sell more of a good if the price is higher and less if the price is lower.
  • The law of supply is not as rigid as the law of demand. The price and the quantity supplied are not always directly related. Higher prices could cause an increase or a decrease in the quantity supplied.
Ceteris paribus is also important to the law of supply.
  • Ceteris paribus means other things remain unchanged.
  • Law of supply applies exclusively to the relationship between supply price and quantity supplied.
  • All other things that can affect supply must remain constant to avoid distorting this relationship.
  • Because supply is affected by many factors other than price, the price/quantity supply relationship can get lost when other things change.
  • Other factors that affect supply are called supply determinants.

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TOTAL COST CURVES

The total cost of producing a good can be represented by three related curves, total cost curve, total variable cost curve, and total fixed cost curve. The total cost curve is the vertical summation of the total variable cost curve and the total fixed cost curve.

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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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