Final answer:
Increasing CO₂ concentration usually increases the rate of photosynthesis, while a loss of CO₂ leads to a decrease in photosynthesis rate due to less substrate available for the Calvin cycle and reduced activity of the enzyme rubisco.
Step-by-step explanation:
As CO₂ concentration increases within the air spaces of a leaf, it generally increases the rate of photosynthesis up to a certain point. This is because CO₂ is a crucial substrate for the Calvin cycle, where it is fixed and used to produce organic molecules like glucose. This process is light-dependent and assumes that other factors, such as water and light, are not limiting. However, if CO₂ is lost from the leaf, such as on hot, dry days when stomata close to conserve water, the concentration of CO₂ within the leaf can decrease. This leads to a decrease in the rate of photosynthesis, as there is less CO₂ available for the Calvin cycle. If the CO₂ level drops below a certain threshold, the enzyme rubisco, which catalyzes the fixation of CO₂, cannot function effectively, further inhibiting the rate of photosynthesis.