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Questions and Answers
What happens if a business's costs rise, such as raw materials and wages?
What happens if a business's costs rise, such as raw materials and wages?
- Less can be supplied at the same price (correct)
- The equilibrium price will decrease
- The supply curve will shift to the left
- More can be supplied at the same price
How can good or bad weather affect supply?
How can good or bad weather affect supply?
- Always decreases supply
- Increases supply for certain products and decreases for others (correct)
- Always increases supply
- Has no effect on supply
What impact does the introduction of new technology have on supply?
What impact does the introduction of new technology have on supply?
- Decreases supply due to increased costs
- Increases demand for the product
- Speeds up production and increases supply (correct)
- Shifts the demand curve to the left
How does legislation, like a sugar tax, affect business costs and supply?
How does legislation, like a sugar tax, affect business costs and supply?
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If a business buys a new machine that speeds up production, what happens to the supply curve?
If a business buys a new machine that speeds up production, what happens to the supply curve?
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What occurs when supply shifts to the right?
What occurs when supply shifts to the right?
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