Other things remaining the same, what would happen to the supply of a particular commodity if the
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Other things remaining the same, what would happen to the supply of a particular commodity if the following changes occur?
a. The price of the commodity decreases.
b. A technological breakthrough enables the good to be produced at a significantly lower cost.
c. The prices of inputs used to produce the commodity increase.
d. The price of a commodity that is a substitute in production decreases.
e. The managers of firms that produce the good expect the price of the good to rise in the near future.
f. Firms in the industry purchase more plant and equipment, increasing the productive capacity in the industry.
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Related Book For
Managerial Economics Foundations of Business Analysis and Strategy
ISBN: 978-0078021909
12th edition
Authors: Christopher Thomas, S. Charles Maurice
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