If producers obtain higher prices than before to produce given levels of output, then the following has occurred.

Name: If producers obtain higher prices than before to produce given levels of output, then the following has occurred.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

An increase in prices for producers means that the costs of production have gone up. This likely means that there has been a decrease in supply because producers are having to spend more money to produce the same amount of output.

If Producers Obtain Higher Prices Than Before to Produce Given