Describe the changes in the variables that will cause supply for a product to increase, shifting the supply curve down and to the right
What will be an ideal response?
a decrease in wages of workers who produce the product; a decrease in the prices of materials or capital used to produce the product; advances in technology which is used in the production of the product; government subsidies applied to the production of the product; a decrease in the expected future price of the product; an increase in the number of producers of the product.
You might also like to view...
Since 1948, the labor force participation rate for adult men has ________ and for adult women has ________
A) increased; decreased B) decreased; decreased C) increased; increased D) decreased; increased
Producer surplus is the sum of the profits earned by all firms in a market
Indicate whether the statement is true or false
According to economists, competitive firms
A) compete for the same customers. B) are price takers. C) differentiate their products. D) are able to change output and affect the market price.
Efficient solutions to solving externality problems:
A. are always supported by the government. B. increase surplus for everyone in society. C. are not always supported in political arenas. D. decrease surplus for everyone in society.