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Feb 20, 2024

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9:41PM Thu Feb 15 oo @ =% X Econ Supply Curve Worksheet.pdf Q M & 5. A large forest fire destroys thousands of acres of woodlands about to be harvested. This will cause the Harlan Cabinet Company to its supply of cabinets and cupboards. P Q 6. A development firm has bought all the land around a large lake in northern Arkansas. The local government places a high property tax on the land to raise money for a nearby school. What type of supply does the land have? P Q 7. A government agency feels too much wheat is being produced and stops all subsidies to wheat farmers for one year. This will cause wheat production to 8. Chevrolet announces it will stop production of Corvettes after next year. Furthermore, the final edition Corvette is a limited series and only 5,000 will be produced. Draw the supply curve for Corvette production for next year. P Q 9. How is a shift in the supply curve different from the quantity supplied? 10. What is the law of supply and how does profit motive help to explain it?
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