7. A shift in the supply curve of bicycles resulting from higher metal prices will lead tohigher priceslower pricesa shift in the demand curvelarger outputa.bC.d.

Answered: A shift in the supply curve of bicycles…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

7. A shift in the supply curve of bicycles resulting from higher metal prices will lead to
higher prices
lower prices
a shift in the demand curve
larger output
a.
b
C.
d.

Expert Solution

Step 1

Input prices refer to the prices of the resources or factors inputs that are used to produce a good or service, such as labor, raw materials, and capital. Input prices are a significant cost for producers, and changes in input prices can affect the supply (S) curve.

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