A leftward shift of a product supply curve might be cause byO An improvement in the relevant technique of productionO A decline in the prices of needed inputsO An increase in consumer incomeO Some firms leaving the industry

Answered: A leftward shift of a product supply…

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter12: The Supply Of And Demand For Productive Resources

Section: Chapter Questions

Problem 11CQ

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A leftward shift of a product supply curve might be cause by
O An improvement in the relevant technique of production
O A decline in the prices of needed inputs
O An increase in consumer income
O Some firms leaving the industry

Expert Solution

Step 1

Introduction

A supply curve shows the relationship between the cost of a good or service and the quantity provided on the market. It illustrates the quantity of goods or services suppliers are willing to provide in exchange for a given price. Normally, the supply curve slopes upward, meaning that as the price increases, so does the supply.

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