In the market for woollen scarves, producers move from a lower point to a higher point on the existing supply curve.
Which statement follows?
The price received for woollen scarves has fallen.
The price received for woollen scarves has risen.
The number of firms selling woollen scarves has risen.
Production costs for woollen scarves have fallen.
81 exam-style questions on OCR GCSE Economics 2.3 Supply, covering 2.3.1 What is supply, 2.3.2 Draw a supply curve using data, 2.3.3 Explain a supply curve, 2.3.4 Shifts and movements of the supply curve, 2.3.5 Causes and consequences of supply changes, 2.3.6 Price elasticity of supply, 2.3.7 Draw supply curves of different elasticity, and 2.3.8 Importance of price elasticity of supply. Each one has a worked solution and a mark scheme showing where the marks go.