Asked by Yussef Farag on May 03, 2024
Verified
When the price of a good is low, selling the good is profitable, and so the quantity supplied is large.
Quantity Supplied
The amount of a good or service that producers are willing and able to sell at a given price over a specific period of time.
Profitable
Capable of generating financial gain or benefits exceeding costs, making a venture worthwhile.
Price
The amount of money required to purchase a good, service, or asset, often determined by supply and demand dynamics in the market.
- Understand the impact of price changes on the profitability and quantity supplied of goods.
Verified Answer
Learning Objectives
- Understand the impact of price changes on the profitability and quantity supplied of goods.
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