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2 cards from this section. Quick, good the night before a test.
What happens to supply when the price of a commodity increases?
Think about the relationship between price and supply.
Name one factor that can decrease supply.
Consider expenses that businesses have.
What is the relationship between the price of a commodity and quantity supplied?
Recall the foundational principles of supply.
True or False: A decrease in production costs will lead to a decrease in supply.
Think about the effects of expenses on production.
Given a hypothetical situation where the government imposes a heavy tax on a product that suppliers sell, analyze how this affects the supply in the market.
Consider the relationship between costs and willingness to supply.
Imagine a drought impacting corn production. Explain how this condition affects supply and what the market response might be.
Think about supply affecting price and subsequent market behavior.
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