ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An increase in factor prices should decrease the quantity suppliers will offer at any price, shifting the supply curve to the left.

Detailed explanation-2: -Factors that can shift the demand curve for goods and services, causing a different quantity to be demanded at any given price, include changes in tastes, population, income, prices of substitute or complement goods, and expectations about future conditions and prices.

Detailed explanation-3: -Increases in demand cause a shift to the right in the demand curve and are caused by some factors; a rise in income, a rise in the price of a substitute or a fall in the cost of a compliment.

Detailed explanation-4: -A leftward shift in the demand curve indicates a decrease in demand because consumers are purchasing fewer products for the same price.