An increase in the price of a good or service encourages producers to supply more, and vice versa. This relationship between price and quantity supplied is normally true as long as other factors influencing costs of production and supply do not change.
Standard detail
2.
Benchmark
Depth 1Parent ID: 495C5878871C44348EB4BE6119E0E6BCStandard set: Grades 5, 6, 7, 8
Original statement
Quick facts
- Statement code
- 2.
- List ID
- 2.
- Standard ID
- 56441311AFB543C69BF2E0AB9DFBC2DD
- ASN identifier
- S2604740
- Subject
- Economics
- Grades
- 05, 06, 07, 08
- Ancestor IDs
- 495C5878871C44348EB4BE6119E0E6BC
- Source document
- Voluntary National Content Standards in Economics (2010)
- License
- CC BY 3.0 US