Improvements like computers or automation.

A change in supply, caused by factors other than price, shifting the curve left or right.

Other things held constant the higher the price buyers are willing to pay the greater the quantity a firm will produce; the lower the price, the smaller the q s

A minimum price set by government above equilibrium that can cause surpluses.

A surplus occurs—quantity supplied exceeds quantity demanded.

Supply of the original good may decrease if resources shift to producing a higher-priced substitute.

It slopes upward because higher prices incentivize producers to supply more of the product.

Changes in income, prices of related goods, tastes and preferences, and expectations about the future.

People receive less additional satisfaction from each extra unit of a good or service consumed over a period of time.

At the market equilibrium point, where quantity demanded equals quantity supplied.

If production costs rise, the firm decreases the quantity supplied at the same price.

Allow the market to work by lowering the price until equilibrium is restored.