ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a change in resource costs.
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a technological change.
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a change in the price of the good.
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change in taxes.
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Detailed explanation-1: -A change in price does not shift the supply curve.
Detailed explanation-2: -All the factors except a change in market price contribute to a shift in the supply curve.
Detailed explanation-3: -Answer and Explanation: The correct answer is C) A rise in the price of X. Any change in the price of the good X would result in movement along the same curve.
Detailed explanation-4: -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-5: -Answer and Explanation: A change in the price of a good does not shift the demand curve. Instead, it causes a movement along the demand curve. A change in any other factors will shift the demand curve to the left or to the right.