ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Shifts in a supply curve are usually the result of advances in technology that reduce the input costs of production. Technological advances that improve production efficiency will shift a supply curve to the right. The cost of production goes down, and consumers will demand more of the product at lower prices.

Detailed explanation-3: -All the factors except a change in market price contribute to a shift in the supply curve. Change in price corresponds to the movement along the supply curve.

Detailed explanation-4: -The number of sellers in the market. The price of resources used to produce the product. Tax rates and subsidies. Improvements in technology and automation.