ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An increase in factor prices should decrease the quantity suppliers will offer at any price, shifting the supply curve to the left.

Detailed explanation-2: -Why might a producer’s introduction of a new technology results in a brief shift of a product’s supply curve to the left? That technology may reduce production costs. There may be a period of adjustment to that technology. That technology may increase production more rapidly than expected.

Detailed explanation-3: -An increase in the change in supply shifts the supply curve to the right, while a decrease in the change in supply shifts the supply curve left. Essentially, there is an increase or decrease in the quantity supplied that is paired with a higher or lower supply price.

Detailed explanation-4: -Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. It is computed as the percentage change in quantity demanded-or supplied-divided by the percentage change in price.