ECONOMICS
MARKETS AND PRICES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a rise in popularity of the product.
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a rise in costs of production.
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a tax on the product.
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the entry of new firms into the industry.
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Detailed explanation-1: -A change in the number of sellers in an industry changes the quantity available at each price and thus changes supply. An increase in the number of sellers supplying a good or service shifts the supply curve to the right; a reduction in the number of sellers shifts the supply curve to the left.
Detailed explanation-2: -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-3: -Answer and Explanation: c. an increase in the number of producers of gasoline would shift the supply curve for gasoline to right.
Detailed explanation-4: -Demand Curve Shifts Right The curve shifts to the right if the determinant causes demand to increase. This means more of the good or service are demanded even though there’s no change in price. When the economy is booming, buyers’ incomes will rise.