The government raises taxes on the product. The price of resources fall. The price of related goods in production rise. The price of related goods in production fall. Suppliers expect the price of their product to fall next month.
Suppliers expect the price of their product to rise next month.
The number of sellers in the market increases. The number of sellers in the market decreases. A new technology reduces the cost of producing this product. For the following situations, answer each of these questions. Draw a graph showing how this event will affect the market for this good.