ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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increase the amount of a product available in a market
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shift the supply curve to the left
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mean everyone who sells gets really rich quick
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make little difference in the availability of a product
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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: -Supply of goods and services Price is what the producer receives for selling one unit of a good or service. An increase in price almost always leads to an increase in the quantity supplied of that good or service, while a decrease in price will decrease the quantity supplied.
Detailed explanation-3: -The law of supply is the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.
Detailed explanation-4: -An increase in the number of sellers of a good will increase the market supply of that good.-Shifts Supply curve right. Sellers may change the amount they are willing to sell today based on what they expect to happen in the future.