ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A movement along the supply curve
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An extension in quantity supplied
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A shift inwards of the supply curve
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A shift outwards of the supply curve
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Detailed explanation-1: -If population increases, the supply of labor increases, and the labor supply curve is shifted to the right. If population decreases, the supply of labor decreases, and the labor supply curve is shifted to the left.
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: -This change in the cost of production will change the quantity that suppliers are willing to offer at any price. An increase in factor prices should decrease the quantity suppliers will offer at any price, shifting the supply curve to the left.