Homework Answers
Ans. 5. b) a decrease in the price of cupcakes
Other factors constant, when the price of the good increases, the quantity supply of the good increases and when price decreases, the quantity supply of the good decreases. There is a positive relationship between the price of the good and the quantity supply of the goods. Price and quantity supply relation leads to the movement along the supply curve.
When the price of cupcakes decreases, the quantity supply of cupcakes decreases and it leads to the movement along the supply curve for cupcakes.
when the price of the good constant, changes in the other factors leads to the change in the supply of the good and it leads to the shift in the supply curve.
Other factors are:- Technology, Input prices, government policy, the time factor.
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