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Greater resource prices _______ the costs of production, thereby, ______ the incentive for firms to produce the good at each price.\

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Greater resource prices increases the costs of production, thereby,  reducing  the incentive for firms to produce the good at each price.

Costs of Production

The total cost incurred by a business to produce a product or provide services is referred to as the cost of production. Supplies and raw materials consumed during production, as well as labour costs, are often included in production costs.

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