Suppose the price of leather used to produce shoes increases. The higher price of leather_{-------------}
The supply of shoes and the supply curve of shoes_{-------------} _ .

Question

Suppose the price of leather used to produce shoes increases. The higher price of leather_{-------------} The supply of shoes and the supply curve of shoes_{-------------} _ .

Quizplus · Accepted Answer

The increase in the price of leather raises production costs, leading to a decrease in the supply of shoes, causing the supply curve to shift leftward.

Suppose the Price of Leather Used to Produce Shoes Increases