The cost of production of a good can increase, which will cause profits to decrease. Will it cause the supply curve to increase or decrease?

Q: Consider supply in the long run. Assume that a specific tax is imposed on a good that was…

A: Introduction: When all inputs are variable, the long provide is the provision of commodities out…

Q: Which situation best illustrates an effect of the law of supply?

A: Micro economics refers to the branch of economics that deals with individuality instead of the…

Q: If costs of production of good X increases what happens with supply or demand for good X? Explain!

A: Cost of production is the monetary value incurred on factor of production used to produce goods and…

Q: In what direction does the supply curve shift when technology is improved? Draw this curve.

A: Technology is an important determinant of supply. When technology is discovered, it reduces many of…

Q: A supply curve which is partaken to the horizontal axis suggests that

A: The markets are the place where the buyers, or the consumers interact, and meet with the sellers.…

Q: The supply curve will shift to the right if there is: a change in consumer preferences for the good…

A: A supply curve is a graphical representation that describes the relationship between the cost of…

Q: Can the supply and the demand both shift?

A: Demand is the total volume of goods and services for which the customers are willing to purchase at…

Q: A decrease in supply and a decrease in demand will  increase price and affect the equilibrium…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: The law of supply shows that: The law of supply shows that:  at higher prices producers are…

A: Supply is amount of a good that producers are willing to produce at different prices.

Q: A supply schedule is what

A: Supply is an economic concept which explains the total quantity of the goods and services available…

Q: Describe how equilibrium is found. Describe how a shift of the demand or supply curve  can effect…

A: Answer: Equilibrium is the point where the quantity demanded and quantity supplied of a good is…

Q: What is wrong with the following statement? The market supply for natural gas is the sum of all…

A: A supply curve is the relationship between the price and the quantity supplied by a seller. Higher…

Q: A supply curve shows that *       sellers prefer high prices.       supply for the good is present.…

A: A supply curve shows a graphical representation of price of goods and quantity supplied of goods.…

Q: Which of the following would cause the supply curve to shift to the right? An increase in the price…

A: The law of states that as the price of the product rises then quantity falls and as the price of a…

Q: happen if a company produce supply more than customer demand

A: When a company produce supply more than the consumer demand, then it is a situation of excess…

Q: For the following model of supply and demand, find the equilibrium price. 2+p V10 – p

A: Answer: Given, At equilibrium, qD=qS Since the price can not be negative, p=1.

Q: Which of the following explains why the supply curve is upward sloping? At a lower price, consumers…

A: A supply curve determines the relationship between the price of a good and its quantity supplied.…

Q: In a graph of supply and demand, the intersection of the supply and demand curves for a good…

A: In a demand and supply graph, the demand curve is a downward sloping curve because of the inverse…

Q: Explain the law of supply. Why does the supply curve slope upward? How is the market supply curve…

A: Supply is the volume of products that sellers are willing to sell in the market, at a given price.

Q: what sort of shift in supply or demand would result in a market equilibrium with higher prices and…

A: Demand curve is downward sloping and supply curve is upward sloping in the price, quantity space.…

Q: Let’s assume that tuna and salmon are substitute for one another. Suppose the price of tuna…

A: When two goods are substitues, they cannot be consumed together as they are alternatives of each…

Q: Which of the following statements is valid when the market demand curve is vertical?   An increase…

A: This can be described as a terminology of economics that is used as basics buts or bolts of the…

Q: When the price of a product rises, the increase in quantity supplied will generally be greater in…

A: A market is a place where the buyers and the sellers interact with each other and the exchange of…

Q: Describe supply and explain how it can change.

A: In economics, the equilibrium is attained in the market with the help of the demand and supply…

Q: Which of the following decreases the production of computers and the supply curve shifts left?…

A: Supply curve shows a positive relationship between price and quantity supplied. Increase in price…

Q: Explain price determination in a competitive market, and show how equilibrium changes in response to…

A: A competitive market is one in which there are so many buyers and sellers of a product that each of…

Q: Exceptions to the law of supply

A: The law of supply states that as the price of a good or service increases, the quantity of goods or…

Q: Explain the circumstances where the law of supply may not hold.

A: The Law of supply shows the positive relationship between price and quantity supplied, other things…

Q: Determinants of supply What causes the supply curve to shift left or right? This could include,…

A: Determinants of supply refer to those factors that are responsible for the change in supply curves…

Q: Determine a scenario where the supply curve would shift (either increase or decrease).

A: The term "supply" refers to the overall quantity of a certain commodity that is made available to…

Q: Using the market supply graph, show the law of supply.

A: The law of supply states, ceteris paribus(keeping other things constant) when the price(P) of a good…

Q: Due to technological advancements,the cost of producing electric cars has decreased…

A: Technological change is critical for a company to attain the best possible working environment. It…

Q: Write down the factors affecting supply. Which of the following factors will cause the following…

A: Disclaimer: Since you have posted a multipart question, I am providing you with the answer to the…