Essay
The diagram below represents the producer side of the market for skateboards in New York.The current price of skateboards is PA.Each of the events described below will have some impact on the supply of skateboards.For each event,draw a picture to illustrate the effect of the event.Be sure to explain your pictures using pertinent economic terminology ("movement along" or "change in quantity").
(a)A drop in the price of skateboards.
(b)An increase in the price of wheels used in the manufacturing of skateboards.
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(a)The diagram: 
A drop in the price of ...View Answer
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Correct Answer:
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A drop in the price of ...View Answer
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