Unit 1: Economics and Globalization

Lesson 3b: Supply

Something Interesting - Why are we studying this?

 

Read the short news article below on the declining price of gasoline (Dec. 2015). Paragraph 10 states "Plunging oil prices are the main factor driving down the price at the pump. "

Gas falls below $2 a gallon

After studying this lesson you should be able to (1) list the non-price determinants of supply, (2) select the determinant that is the cause of the decline in gasoline prices discussed in the news article above, and (3) graph the effect that the change in the determinant will have on the supply curve for gasoline.

 

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Lesson 3b