00:01
Okay, let's talk about the law of supply.
00:04
And what may shift the supply curve? now, the law of supply simply says that setter is paribus, a decrease in the price will cause a decrease in the quantity supply.
00:24
And the inverse is also true.
00:26
An increase in the price will cause an increase in the quantity supply.
00:32
Now, what may shift the supply curve? let's go down the list.
00:39
Changes in the price of inputs.
00:43
Let's say that we are making sneakers.
00:52
And the price of shoelaces has gone up.
00:58
That means that making shoes has become more expensive.
01:02
So the quantity supply those shoes is going to go down.
01:05
Of sneakers, i'm sorry.
01:09
Now, let's look at technology change.
01:15
If technology gets better, that means we can produce more with the same number of resources...