Answer 3 and 4

Application of Supply 1. The law of supply states that when the price increases, the quantity supplied will increase. 2. When the price decreases, the quantity supplied will decrease. 3. For each determinant, give an example of what would shift the supply curve to the right. a. Resources (cost of inputs) - b. Expectations (producers) - c. Number of producers - d. Productivity /Technology - e. Subsidies - f. Taxes or Regulations - 4. For each determinant, give an example of what would shift the supply curve to the left. a. Resources (cost of inputs) - b. Expectations (producers) - c. Number of producers - d. Productivity /Technology - e. Subsidies - f. Taxes or Regulations