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Consider the market supply of cereal
Consider the market supply of cereal. Complete the following table by indicating whether an event will cause a movement along the supply curve for cereal or a shift of the supply curve for cereal, holding all else constant.
| Event | Movement Along | Shift |
| An increase in the number of producers | ||
| A decrease in the price of oats (used in the production of cereal) | ||
| An increase in the price of cereal |
Expert Solution
| Event | Movement Along | Shift |
| An increase in the number of producers | X | |
| A decrease in the price of oats (used in the production of cereal) | X | |
| An increase in the price of cereal | X |
Only a change in the price of the good itself or a shift in the demand curve will result in a movement along the supply curve as quantity supplied changes.
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