Asked by Randell Baley on Apr 26, 2024
Verified
An increase in the price of contact lenses will increase the supply of contact lenses.
Price of Contact Lenses
The cost at which contact lenses are sold, determined by factors like brand, technology, supply, and demand.
Supply of Contact Lenses
The total amount of contact lenses that manufacturers are willing and able to sell at a given price level.
- Identify the differences between traversing the supply and demand curves and shifting these curves.
Verified Answer
JD
Jordan DavisMay 02, 2024
Final Answer :
False
Explanation :
An increase in the price of contact lenses will typically decrease the demand for contact lenses, which may in turn decrease the supply. The supplier may reduce their production if they expect the decrease in demand.
Learning Objectives
- Identify the differences between traversing the supply and demand curves and shifting these curves.