Asked by
Marreo Parks
on Nov 17, 2024Verified
When a seller expects the price of its product to decrease in the future, the seller's supply curve shifts left now.
Supply Curve
The supply curve is a graphical representation showing the relationship between the price of a good and the amount that suppliers are willing and able to sell in the market.
Decrease
A reduction in quantity, size, or intensity.
Future
The indefinite time period after the present, often considered in the context of possibilities or uncertainties.
- Comprehend the principle of supply and the impact of anticipated future prices on present supply choices.
Verified Answer
BB
Learning Objectives
- Comprehend the principle of supply and the impact of anticipated future prices on present supply choices.