Business, 20.09.2020 14:01, haileebug5049

Good X is produced in a competitive market using input A. Explain what would happen to the supply of good X in each of the following situations: a. The price of input A decreases. It will not change. It will increase. It will decrease. b. An excise tax of $3 is imposed on good X. It will increase. It will not change. It will decrease. c. An ad valorem tax of 7 percent is imposed on good X. It will increase. It will decrease. It will not change. d. A technological change reduces the cost of producing additional units of good X. It will increase. It will not change. It will decrease.

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Good X is produced in a competitive market using input A. Explain what would happen to the supply of...