ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A technological improvement that reduces costs of production will shift supply to the right, causing a greater quantity to be produced at any given price.

Detailed explanation-2: -Factors that can shift the supply curve for goods and services, causing a different quantity to be supplied at any given price, include input prices, natural conditions, changes in technology, and government taxes, regulations, or subsidies.

Detailed explanation-3: -A market supply curve will shift when there are changes in the factors that cause the production cost to change apart from the own price of the product. These factors include-technology change, change in labor and other production inputs cost, change in the number of sellers, taxes, subsidies, et cetera.

Detailed explanation-4: -Prices of relevant inputs-if the cost of resources used to produce a good increases, sellers will be less inclined to supply the same quantity at a given price, and the supply curve will shift to the left.