Asked by Erika Driesen on May 19, 2024
Verified
In moving along a supply curve,which of the following is not held constant?
A) The number of firms producing this good.
B) Expectations about the future price of the product.
C) Techniques used in producing this product.
D) The price of the product for which the supply curve is relevant.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity supplied.
Techniques
Methods or approaches used in a particular discipline or activity to achieve a specific result.
Expectations
The anticipations of consumers, firms, and others about future economic conditions.
- Understand the factors that are held constant when moving along the supply curve.
Verified Answer
JS
James SmithMay 24, 2024
Final Answer :
D
Explanation :
The price of the product for which the supply curve is relevant is not held constant when moving along a supply curve, as movements along the curve represent changes in quantity supplied in response to changes in the product's price.
Learning Objectives
- Understand the factors that are held constant when moving along the supply curve.