ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a change in the price of a product
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a change in the number of consumers
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a change in the number of sellers offering the product
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a change in demand for the product
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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: -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-3: -Answer and Explanation: The correct option is b. A change in the cost of labor to make the product.
Detailed explanation-4: -Answer and Explanation: A technological innovation that lowers the marginal cost of producing the good will cause an increase in the market supply.
Detailed explanation-5: -Which of the following market changes would lead to a shift of the supply curve from Old supply to New supply? A rise in the price of a product that is a complement-in-production.