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AP® Microeconomics · Unit 2 · Topic 2.2

Supply: Topic Checklist (Microeconomics 2.2)

Specific “I can…” statements for supply in microeconomics: the law of supply, shifts versus movements and the supply curve, each linked to the guide section and practice question that tests it.

Work through the list without notes. If you cannot do a statement, follow its link, then come back. Guide = study guide; Practice = practice questions.

Understanding

  • I can define supply and quantity supplied, and explain “willing and able” and “other things equal”. (Guide: “What supply means”)
  • I can state the law of supply and explain the upward slope using rising marginal cost and the profit incentive. (Guide: “Why the supply curve slopes upward”; Practice Q3)
  • I can explain why a high-cost seller may supply nothing at a low price. (Guide: individual supply schedules, Riverside)

Calculation and graphing

  • I can build an individual supply schedule from marginal cost, producing each unit while price is at least MC. (Guide: “Why the supply curve slopes upward”; Practice Q4)
  • I can add individual quantities at each price to find market supply. (Guide: Worked example 1; Practice Q1, Q7)
  • I can draw a supply curve with both axes labelled (price with units; quantity with units and period) and the curve labelled. (Guide: Figure 1; Practice Q5)
  • I can show a change in quantity supplied as a movement along the curve, and a change in supply as a shift right or left. (Guide: Figures 1 and 2; Practice Q5)
  • I can read a shift both ways: more at each price, or a lower price for each quantity. (Guide: Worked example 2(c))

Reasoning

  • I can name the determinants of supply and give the direction of the shift for each: input prices, technology, prices of other goods the seller could make, taxes and subsidies, expectations, number of sellers and natural conditions. (Guide: “The determinants of supply”; Practice Q2, Q6)
  • I can explain how a per-unit tax or subsidy changes supply. (Practice Q2, Q5)
  • I can explain how sellers respond to a change in technology and to a change in incentives, and say when the combined effect is uncertain. (Practice Q6)
  • I can tell a change in quantity supplied from a change in supply, and correct a statement that confuses them. (Guide: “Change in quantity supplied versus change in supply”; Practice Q7)

All ticked? Move on to Topic 2.3, Price Elasticity of Demand, or return to the course roadmap.

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