Resource X is necessary to the production of good Y. If the price of resource X falls, the equilibrium price of Y will and the equilibrium quantity of Y will __.

Question

02-07-2021
Business

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Resource X is necessary to the production of good Y. If the price of resource X falls, the equilibrium price of Y will and the equilibrium quantity of Y will __.

Sagot :

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ewomazinoade ewomazinoade · Answer 1 · 2021-07-03T20:29:09-04:00

ewomazinoade ewomazinoade

03-07-2021

Answer:

fall

rise

Explanation:

If the cost of resource x falls, it becomes cheaper to produce good y. This leads to an increase in supply of y. the supply curve of good y shifts out. As a result, equilibrium price falls and quantity rises

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Resource X is necessary to the production of good Y. If the price of resource X falls, the equilibrium price of Y will ______________ and the equilibrium quantity of Y will ________________.

Sagot :

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Resource X is necessary to the production of good Y. If the price of resource X falls, the equilibrium price of Y will and the equilibrium quantity of Y will __.