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Which of the following options is correct? Wheat is essential in the production of granola
Which of the following options is correct?
Wheat is essential in the production of granola. If wheat prices decrease
a. the supply of granola would increase.
b. the supply of granola would decrease.
c. both the supply and demand curves for granola would shift.
d. the supply cure for granola would shift to the left.
Expert Solution
option a, the supply curve of granola would increase_is the correct choice.
This is because since wheat is an essential ingredient or the raw material used in making of granola and when its prices due to any factor decreases so it becomes cheaper for producer to produce granola in large quantity. They will immediately increase the supply of granola because of less production cost now, which shifts the supply curve rightwards.
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