Asked by
Richyle Perez
on Nov 17, 2024
Verified
A reduction in an input price will cause a change in quantity supplied but not a change in supply.
Input Price
The cost associated with purchasing the raw materials, labor, and other resources required to produce goods and services.
Quantity Supplied
The amount of a good that producers are willing and able to sell at a certain price over a specified period of time.
Supply
The total amount of a good or service that producers are willing and able to sell at a given price over a specific time period.
- Understand how variations in input costs affect the supply curve's position.
- Determine the factors influencing the movement of supply and demand curves.
Verified Answer
AM
Learning Objectives
- Understand how variations in input costs affect the supply curve's position.
- Determine the factors influencing the movement of supply and demand curves.