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1) List the determinants of a product's supply; i.e, what forces will shift the product's supply curve?

2) Better technology would tend to _____ the price of the product it is affecting.

a. increase
b. decrease

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019

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Related questions

A rightward shift in the aggregate demand curve with a horizontal aggregate supply curve will cause employment and the price level to change in which of the following ways?

    Employment     Price Level
A. Increase          Increase
B. Increase          Decrease
C. Increase          No change
D. Decrease         No change
E. No change       No change

List the four non-price determinants of supply, provide an example of each, and discuss their impact on the supply curve (in which direction it will shift).

3. If a product's income elasticity is -1.7, then we can conclude that a. an increase in income will lead to an increase in demand for the product. b. the product is certainly a necessity. c. the product is a normal good. d. a 1% decrease in the product's price will result in a 1.7% increase in demand for the product. e. a decrease in income will lead to an increase in demand for the product.

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