Indicate whether each of the following situations would shift the supply curve to the left, to the right, or not at all
a. An increase in the price of an input
b. An increase in productivity
c. An increase in the price of a substitute in production
d. A decrease in the expected future price of a product
e. A decrease in the current price of the product
a. Shift to the left
b. Shift to the right
c. Shift to the left
d. Shift to the right
e. No shift
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A public good can be excludable or nonexcludable.
Answer the following statement true (T) or false (F)
A competitive market is one in which
a. there is only one seller, but there are many buyers.
b. there are many sellers and each seller has the ability to set the price of his product.
c. there are many sellers and they compete with one another in such a way that some sellers are always being forced out of the market.
d. there are so many buyers and so many sellers that each has a negligible impact on the price of the product.