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2 cards from this section. Quick, good the night before a test.
What happens to a firm's supply curve when input prices increase?
Think about how increased costs affect production.
Describe the effect of a decrease in input prices.
How does reduced cost allow firms to respond?
What effect do increased input prices have on supply?
Refer to how costs relate to output.
True or False: Lower input prices allow firms to supply less at the same market price.
Remember the dynamics of cost and supply.
A company producing furniture faces a price increase in wood by 50%. How might this affect their supply curve, and what strategies could they employ to adapt?
Think about how businesses respond to cost pressures.
Evaluate a scenario where input prices drop significantly, yet the demand remains stagnant. What implications does this have for the market?
Consider the role of demand elasticity in conjunction.
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