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Question

Question
When we move along a given supply curve, a. only price is held constant. b. technology and price are held constant. c. all nonprice determinants of supply are held constant. d. all determinants of quantity supplied are held constant.

Asked By WhisperingWhimsy27 at

Answered By Expert

Bruce

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Solution By Steps

Step 1: Identify the Supply Curve

The supply curve shows the relationship between the price of a good and the quantity that producers are willing to supply.

Step 2: Understanding Movement Along the Supply Curve

When we move along a supply curve, we are looking at how the quantity supplied changes in response to a change in price.

Step 3: Definition of a Supply Curve

A supply curve illustrates the quantity of a good that producers are willing to supply at different prices, assuming all other factors remain constant.

Step 4: Answer

c. all nonprice determinants of supply are held constant.

Final Answer

c. all nonprice determinants of supply are held constant.

Key Concept

Supply Curve

Key Concept Explanation

A supply curve demonstrates the quantity of a good that producers are willing to supply at various prices, assuming other factors influencing supply remain unchanged.