For Each of the Following Changes, Determine Whether There Will

question 146

Essay

For each of the following changes, determine whether there will be a change in supply (that is, a shift of the supply curve) or a change in quantity supplied (that is, no shift of the supply curve).
I. change in the resource cost
II. change in producer expectations
III. change in the price of the good
IV. change in technology
V. the number of sellers

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Definitions:

Discount

A reduction from the usual cost of something, often applied to encourage buyers.

Preexisting Duty

An obligation that one is already legally bound to perform, which cannot serve as consideration for a new contract.

Extortion

The act of obtaining something, especially money, through force or threats.

Preexisting Duty

Preexisting Duty is a legal principle stating that an action or service required by an existing contract cannot serve as consideration for a new contract.