ECONOMICS
SUPPLY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Technology
|
|
|
Cost of production
|
|
|
Tastes and Preferences
|
|
|
Taxes and subsidies
|
Detailed explanation-1: -Since the supply curve represents a relationship between the quantity supplied and the price when all the other things are kept the same, then a change in the price of a good does not change demand but changes the quantity supplied.
Detailed explanation-2: -A change in price does not shift the supply curve.
Detailed explanation-3: -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-4: -A movement along a demand curve, resulting in a change in quantity demanded, is always caused by a shift in the supply curve. Correct. Changing tastes will result in a shift of the demand curve to the right, so that a greater quantity is demanded at any given price.
Detailed explanation-5: -Solution. (b) Price of the good, i.e. price of a good does not leads to a shift in the supply curve of a good.