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Answer to Question #53198 in Other Economics for Zack Gold

Question #53198
Other factors remaining the same, what would happen to the supply of a particular product if the following changes occur?
1.The price of the product falls.
2.A technological breakthrough enables the good to be produced at a significantly lower cost.
3.The prices of inputs used to produce the product increase.
4.The price of a product that is a substitute in production decreases.
5.The managers of firms that produce the good expect the price of the good to rise in the near future.
6. Firms in the industry purchase more plant and equipment, increasing the productive capacity in the industry.
Expert's answer
Other factors remaining the same, what would happen to the supply of a particular product if the following changes occur?
1.The price of the product falls - the supply falls too.
2.A technological breakthrough enables the good to be produced at a significantly lower cost - the supply increases.
3.The prices of inputs used to produce the product increase - the supply falls.
4.The price of a product that is a substitute in production decreases - the supply falls.
5.The managers of firms that produce the good expect the price of the good to rise in the near future - the supply increases.
6. Firms in the industry purchase more plant and equipment, increasing the productive capacity in the industry - the supply increases.

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