ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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cost of labor
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change in demand for the product
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xpectation that prices are about to increase
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# of sellers
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Detailed explanation-1: -All the factors except a change in market price contribute to a shift in the supply curve.
Detailed explanation-2: -A change in price does not shift the supply curve.
Detailed explanation-3: -What Factors Can Affect the Supply Curve? 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: -These factors can be an improvement in technology, changes in the cost of inputs, changes in taxation or subsidies, etc. On the other hand, a change in the price of the good causes movements along the supply curve itself but will not cause any shift in the supply curve.
Detailed explanation-5: -Answer and Explanation: A change in the price of a good does not shift the demand curve.