1. Determine if the quantity supplied changed (which means only the price of chocolate haschanged), or if the entire supply has changed. If only quantity supplied changed, circle “No Change.” If the entire supply has changed, identify if it was an increase or a decrease, and identify which determinant of supply is responsible. DETERMINANTS OF SUPPLYEvents That Increase SupplyA) Costs of production decreaseB) Technology improvesC) Sellers expect good things in the futureD) More sellers enter the marketE) Opportunities in different markets are badF) Favorable natural events (e.g. weather)Events That Decrease SupplyG) Costs of production increaseH) Technology becomes outdatedI) Sellers expect bad things in the futureJ) Sellers leave the marketK) Opportunities in different markets are goodL) Unfavorable natural events (e.g. weather, war, riots, etc.)INTERPRET HEADLINES FROM THE CHOCOLATE MARKET.Heavy Rain in South America Equals Large Crop of Cocoa BeansNo ChangeIncreaseDecreaseDeterminant of Supply:High Gas Prices Causing Problems for the Chocolate IndustryIncreaseDeterminant of SupplyDecreaseNo ChangeCompanies Expect Valentine's Day Will Be Biggest Chocolate Sales Day in HistoryIncreaseDecreaseNo ChangeDeterminant of Supply: Companies Expect Valentine's Day Will Be Biggest Chocolate Sales Day in HistoryNo ChangeIncreaseDecreaseDeterminant of Supply:Profits from Fruit-Flavored Candy SkyrocketIncreaseDecreaseNo ChangeDeterminant of Supply:Hershey's Chocolate Company Plans to Close Seven FactoriesNo ChangeIncreaseDecreaseDeterminant of Supply:Price of Chocolate Expected to Increase 30% This YearIncreaseDecreaseNo ChangeDeterminant of Supply:New Assembly Line Machines Added to Hershey's Chocolate FactoryIncreaseDecreaseNo ChangeDeterminant of Supply:

Supply curve is a upward sloping curve indicating a positive relationship between price and quantity…

Determine if the quantity supplied changed (which means only the price of chocolate has changed), or if the entire supply has changed. If only quantity supplied changed, circle “No Change.” If the entire supply has changed, identify if it was an increase or a decrease, and identify which determinant of supply is responsible.

Determine if the quantity supplied changed (which means only the price of chocolate has changed), or if the entire supply has changed. If only quantity supplied changed, circle “No Change.” If the entire supply has changed, identify if it was an increase or a decrease, and identify which determinant of supply is responsible.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter3: Market Demand And Supply

Section: Chapter Questions

Problem 10SQ

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