Asked by Samantha Matias on Jul 25, 2024
Verified
The supply curve is likely to shift down and to the left if the cost of the raw materials used to manufacture a product falls.
Raw Materials
Basic substances in their natural, modified, or semi-processed state, used as inputs for manufacturing finished goods.
- Comprehend the fundamental concepts of supply and demand, including the elements that provoke changes in the curves.
Verified Answer
LK
Lovepreet Kaur SidhuJul 28, 2024
Final Answer :
False
Explanation :
A decrease in the cost of raw materials would likely cause the supply curve to shift to the right, indicating an increase in supply, as it becomes cheaper for producers to manufacture the product.
Learning Objectives
- Comprehend the fundamental concepts of supply and demand, including the elements that provoke changes in the curves.
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