Goldfish example: 3 stages of supply – Price, CERT T/S S and SRAS and LRAS
I.
1 Bag – the price of that bag will change the quantity supplied when the price changes
II.
All the bags of goldfish will have a change in supply (shift the supply curve right or left) if
any of the non-price determinates increase or decrease (CERT T/S S)
III.
All the products and services in the U.S. economy (aggregate supply) shift when the
determinates of AS increase or decrease (PIG)