ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The general consensus amongst economists is that these are the primary factors that cause a change in supply, which necessitates the shifting of the supply curve: Number of sellers. Expectations of sellers. Price of raw materials.

Detailed explanation-2: -Supply is generally considered to slope upward: as the price rises, suppliers are willing to produce more. Demand is generally considered to slope downward: at higher prices, consumers buy less.

Detailed explanation-3: -Price. Price can be understood as what the consumer is willing to pay to receive a good or service. This is the main factor that influences the supply of a product. In the law of supply, when the price of a product goes up, the supply of the product also increases and vice versa.

Detailed explanation-4: -Factors that can shift the demand curve for goods and services, causing a different quantity to be demanded at any given price, include changes in tastes, population, income, prices of substitute or complement goods, and expectations about future conditions and prices.