7. Movements along versus shifts of supply curves Consider the market supply of peanut butter. Complete the following table by indicating whether an event will cause a movement along the supply curve for peanut butter or a shift of the supply curve for peanut butter, holding all else constant. Event Movement Along Shift An increase in the price of labor (used in the production of peanut butter) A decrease in the price of peanut butter A change in technology that makes it less costly to produce peanut butter
7. Movements along versus shifts of supply curves Consider the market supply of peanut butter. Complete the following table by indicating whether an event will cause a movement along the supply curve for peanut butter or a shift of the supply curve for peanut butter, holding all else constant. Event Movement Along Shift An increase in the price of labor (used in the production of peanut butter) A decrease in the price of peanut butter A change in technology that makes it less costly to produce peanut butter
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 6CQQ
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7. Movements along versus shifts of supply curves
Consider the market supply of peanut butter.
Complete the following table by indicating whether an event will cause a movement along the supply curve for peanut butter or a shift of the supply curve for peanut butter, holding all else constant.
Event
|
Movement Along
|
Shift
|
|
---|---|---|---|
An increase in the price of labor (used in the production of peanut butter) |
|
|
|
A decrease in the price of peanut butter |
|
|
|
A change in technology that makes it less costly to produce peanut butter |
|
|
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