SSC
GENERAL ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A decrease in supply or a shift of the supply curve to the left:
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If more suppliers enter the market place.
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A fall in the cost of an input occurs.
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If government ends regulation.
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If government places an excise tax on goods.
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Explanation:
Detailed explanation-1: -Rising costs If costs rise, less can be produced at any given price, and the supply curve will shift to the left.
Detailed explanation-2: -What effect does an increase in excise tax have on supply curve of product? The supply curve shifts to the left. (As profit falls due to rise in cost.)
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