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A movement along a supply curve is induced by a change in A)price expectations
A movement along a supply curve is induced by a change in A)price expectations. B)taxes and subsidies. C)input prices. D)the product's own price.
The market supply curve can be derived by Question 2 options: A)vertically adding the individual supplies at each quantity level. B)horizontally adding the individual supplies at each price level. C)multiplying the price and quantity supplied at each price level. D)looking at the capacity utilization in the largest firms in the industry.
Expert Solution
1. The correct choice is D) The product's own price
The movement along a supply curve results when the quantity supplied in the market changes as a result of the change in the price of those products. A supply curve is usually sloped upward. This explains that the prices of commodities and supply are directly related.
2. The correct answer is B) Horizontally adding the individual supplies at each price level
The market supply curve is derived through the summation of the amount suppliers are willing to produce at a given price.
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