Determine the supply curve for steel

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Reference no: EM131823262

Question: 1. Imagine that a technological innovation reduces the costs of producing high-quality steel. What happens to the supply curve for steel?

2. If the price of cars falls, are carmakers likely to make more or fewer cars, according to the supply curve? (Notice that the "person on the street" often thinks the opposite is true!)

Reference no: EM131823262

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