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Provide an example of an economic good whose producer would increase the quantity supplied if the price were to go up?
Oil, is an example of an economic good whose producer would increase the quantity supplied if price were to go up. The oil producing nations (o.p.e.c.) can control how much oil is supplied to the international market, and benefits by keeping the supply low, but when the price goes up due to demand going up, then they can increase the supply at the high price.
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Why does a producer not increase quantity supplied in response to price increase?
Producers only increase quantity supplied in response to DEMAND increases. They only want to make as much as someone will buy.
Definition of producer surplus?
the utility to a producer from living in a market where a greater quantity will be supplied when prices increase
An increase in quantity supplied is represented by?
An increase in quantity supplied is represented by demand.
An increase in quantity supplied can be caused by?
increase in price
Difference between an increase in Supply and an increase in quantity supplied?
check your answer
Why does a producer not increase quantity supplied in response to price increase?
Producers only increase quantity supplied in response to DEMAND increases. They only want to make as much as someone will buy.
Definition of producer surplus?
the utility to a producer from living in a market where a greater quantity will be supplied when prices increase
An increase in quantity supplied represented by?
An increase in quantity supplied is represented by demand.
An increase in quantity supplied is represented by?
An increase in quantity supplied is represented by demand.
An increase in quantity supplied can be caused by?
increase in price
Difference between an increase in Supply and an increase in quantity supplied?
check your answer
When quantity demanded is greater than quantity supplied the price will?
the price increase
What causes an increase in the quantity supplied?
when the price of the commodity increases
What are the effects that price ceiling can have on a product?
a price ceiling results in a shortage because quantity demanded exceeds quantity supplied. it can increase consumer surplus but producer surplus decreases by more causing a deadweight loss in the market.
What happens to a market in equilibrium when there is an increase in supply?
Quantity supplied will exceed quantity demanded, so the price will drop.
An ''increase in the quantity supplied'' suggests a?
Movement up along the supply curve.
The agreement between the producer and consumer on the price is called the?
The agreement between the producer and consumer on the price is called the equilibrium price. This is the point at which the quantity supplied by the producer matches the quantity demanded by the consumer, resulting in a stable market price.
