ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An overall increase in the amount of a product created for a market
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An overall decrease in the amount of a product created for a market
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A politically conservative government has been elected
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Economists made correct projections about what would happen
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Detailed explanation-1: -A positive change in supply when demand is constant shifts the supply curve to the right, which results in an intersection that yields lower prices and higher quantity. A negative change in supply, on the other hand, shifts the curve to the left, causing prices to rise and the quantity to decrease.
Detailed explanation-2: -An increase in supply, all other things unchanged, will cause the equilibrium price to fall; quantity demanded will increase. A decrease in supply will cause the equilibrium price to rise; quantity demanded will decrease.
Detailed explanation-3: -The supply curve can shift based on several factors including changes in production costs (e.g., raw materials and labor costs), technological progress, the level of competition and number of sellers/producers, and the regulatory & tax environment.
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.
Detailed explanation-5: -An increased number of workers will cause the supply curve to shift to the right. An increased number of workers can be due to several factors, such as immigration, increasing population, an aging population, and changing demographics.