【正文】 on AddisonWesley Prices of Related Goods Produced A substitute in production for a good is another good that can be produced using the same resources. The supply of a good increases if the price of a substitute in production falls. Goods are plements in production if they must be produced together. The supply of a good increases if the price of a plement in production rises. Supply 169。 2020 Pearson AddisonWesley The five main factors that change supply of a good are ? The prices of factors of production ? The prices of related goods produced ? Expected future prices ? The number of suppliers ? Technology ? State of nature Supply 169。 2020 Pearson AddisonWesley Minimum Supply Price A supply curve is also a minimumsupplyprice curve. As the quantity produced increases, marginal cost increases. The lowest price at which someone is willing to sell an additional unit rises. This lowest price is marginal cost. Supply 169。 2020 Pearson AddisonWesley Supply Curve and Supply Schedule The term supply refers to the entire relationship between the quantity supplied and the price of a good. The supply curve shows the relationship between the quantity supplied of a good and its price when all other influences on producers’ planned sales remain the same. Supply 169。 2020 Pearson AddisonWesley The Law of Supply The law of supply states: Other things remaining the same, the higher the price of a good, the greater is the quantity supplied。 2020 Pearson AddisonWesley A Shift of the Demand Curve If the price remains the same but one of the other influences on buyers’ plans changes, demand changes and the demand curve shifts. Demand 169。 2020 Pearson AddisonWesley A Change in the Quantity Demanded Versus a Change in Demand Figure illustrates the distinction between a change in demand and a change in the quantity demanded. Demand 169。 2020 Pearson AddisonWesley Expected Future Ine and Credit When expected future ine increases or when credit is easy to obtain, the demand might increase now. Population The larger the population, the greater is the demand for all goods. Preferences People with the same ine have different demands if they have different preferences. Demand 169。 2020 Pearson AddisonWesley Prices of Related Goods A substitute is a good that can be used in place of another good. A plement is a good that is used in conjunction with another good. When the price of substitute for an energy bar rises or when the price of a plement of an energy bar falls, the demand for energy bars increases. Demand 169。 2020 Pearson AddisonWesley A Change in Demand When some influence on buying plans other than the price of the good changes, there is a change in demand for that good. The quantity of the good that people plan to buy changes at each and every price, so there is a new demand curve. When demand increases, the demand curve shifts rightward. When demand decreases, the demand curve shifts leftward. Demand 169。 2020 Pearson AddisonWesley A rise in the price, other t