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4 January, 11:27

How does the incentive of greater profits affect supply?

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  1. 4 January, 11:33
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    The higher the price of the goods, the higher the incentive there is for a producer to produce more of the goods. Because the price of the good is higher, that means profits will be higher. Producers must be careful though because they need to make sure it covers the cost of producing more of these goods.
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