6 Questions
What happens if a business's costs rise, such as raw materials and wages?
Less can be supplied at the same price
How can good or bad weather affect supply?
Increases supply for certain products and decreases for others
What impact does the introduction of new technology have on supply?
Speeds up production and increases supply
How does legislation, like a sugar tax, affect business costs and supply?
Increases business costs and decreases supply
If a business buys a new machine that speeds up production, what happens to the supply curve?
Shifts to the right
What occurs when supply shifts to the right?
Equilibrium price increases
Test your knowledge on demand and supply in economics with a focus on quantity of a product consumers are willing to purchase at different prices, and the quantity of a product producers are willing to supply. Understand how changes in price affect demand and supply curves.
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