"The market Forces of Supply"

1. What is a supply schedule and supply curve and how are they related? Why does the supply curve slope upward?

2. Consider the market for minivans. For each of the events listed below, identify which determinants of supply are affected. Also indicate whether supply decreases, increases or remain unchanged.

a. People decide to have more children.

b. A strike by steelworkers raises steel prices.

c. Engineers develop new automated machinery for the production of minivans.

d. The price of sports utility vehicle rises.

e. A stock-market crash lowers people's wealth.

3. Describe the role of prices in market economies.

4. Show the effect of the following events on the market for sweatshirts.

a. A typhoon in Cagayan Valley damages the cotton crop.

b. The price of letter jacket falls.

c. New knitting machines are invented.

d. Taxes increased.

https://soul.su.edu.ph/pluginfile.php/672371/course/section/284093/market%20forces%20of%20supply%20%20-%20%20Compatibility%20Mode.pdf