ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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income
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taste
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price
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resource cost
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Detailed explanation-1: -A supply curve shows how quantity supplied will change as the price rises and falls, assuming ceteris paribus-no other economically relevant factors are changing. If other factors relevant to supply do change, then the entire supply curve will shift.
Detailed explanation-2: -The supply curve will move upward from left to right, which expresses the law of supply: As the price of a given commodity increases, the quantity supplied increases (all else being equal).
Detailed explanation-3: -Movement along the Supply Curve When the supply of a product either increases or decreases due to an increase or decrease in its price (all the other factors remain constant), that change in the quantity of the product supplied is depicted as the movement in Supply Curve.