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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

In the discussion of health care and the right to sue your HMO, we state, “Saying that a seller’s minimum price for providing a good or service rises is the same as saying that the sellers supply curve has shifted upward and to the left.” Does it follow that, if a seller’s minimum price falls, the supply curve shifts downward and to the right? Explain your answer.

To determine

The changes in the supply curve.

Explanation

Yes, when the seller’s minimum price falls, the supply curve shifts downward to the right. When there is a reduction in the cost, the minimum price requirements also reduce, and this leads to an increase in the supply...

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