ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Shift the supply curve to the left
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Shift the supply curve to the right
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Shift the demand curve to the left
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Shift neither curve in any direction
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Detailed explanation-1: -A fall in the money wage rate makes the aggregate supply curve shift outward, meaning that the quantity supplied at any price level increases.
Detailed explanation-2: -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-3: -The supply curve for labor will shift as a result of a change in worker preferences, a change in nonlabor income, a change in the prices of related goods and services, a change in population, or a change in expectations.
Detailed explanation-4: -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.