Question and answer
What happens to the supply curve when there is a decrease in production? a. Price will increase. c. Producers will produce more at each and every price. b. Price will decrease. d. Consumers will
increase purchases at each and every price.
a. Price will increase. Understanding demand is only half of the story. To understand the market we also need to understand supply. [ And as on the demand side of the equation, the basic law of supply is common sense: as prices rise, supply (quantity of X on the market) increases; as prices fall, supply decreases. In other words, when the price for a good goes up, suppliers of that good will
produce more. When the price of a good goes down, suppliers produce less. ]
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User: what is the amount a supplier is willing and able to supply at a certain price

User: What happens to the supply curve when there is a decrease in production? a. Price will increase. c. Producers will produce more at each and every price. b. Price will decrease. d. Consumers will increase purchases at each and every price.

Weegy: a. Price will increase. Understanding demand is only half of the story. To understand the market we also need to understand supply. [ And as on the demand side of the equation, the basic law of supply is common sense: as prices rise, supply (quantity of X on the market) increases; as prices fall, supply decreases. In other words, when the price for a good goes up, suppliers of that good will produce more. When the price of a good goes down, suppliers produce less. ]
Expert answered|iam_claudia|Points 7|

User: Which product’s supply could be elastic in the short run? a. large handmade pizzas c. large diamonds b. large handmade rugs d. large jet airplanes

Weegy: b. large handmade rugs. [ The price elasticity of demand measures the responsiveness of quantity demanded to a change in price with all other factors etc - See more at: ]
Expert answered|iam_claudia|Points 7|

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Asked 10/10/2013 6:21:07 AM
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Updated 210 days ago|10/8/2015 4:02:57 AM
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