If the price of production is expected to rise, what will happen to the production rate and consequently supply for the near future?

When the price of production is expected to rise, producers typically anticipate that their costs will increase. As a result, many may reduce their production rates to avoid incurring higher costs that could lead to reduced profit margins. This decreased production rate leads to a reduction in the overall supply of goods in the market, as fewer products are being created and sold.

It's important to note that the expectation of higher production costs can create uncertainty in the market, leading firms to adjust their production schedules accordingly. A decrease in supply can also have profound impacts on market prices, potentially leading to higher prices for consumers if demand remains constant.

Thus, when producers expect a rise in production costs, it logically leads to a decrease in the production rate and supply.