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

Quizplus · Accepted Answer

An increase in the price of leather will lead to a decrease in the supply of shoes, as it becomes more expensive to produce them. This will result in a leftward shift of the supply curve for shoes.

Suppose the Price of Leather Used to Produce Shoes Increases