Asked by
Darcie Spencer
on Nov 25, 2024Verified
A leftward shift of a product supply curve might be caused by
A) an improvement in the relevant technique of production.
B) a decline in the prices of needed inputs.
C) an increase in consumer incomes.
D) some firms leaving an industry.
Leftward Shift
Occurs when a supply or demand curve moves to the left on a graph, indicating a decrease in supply or demand at any given price.
Technique of Production
The method or process employed in creating goods or services, incorporating factors like labor, machinery, and technology.
Firms Leaving
The process of companies exiting an industry or market, often due to economic pressures or seeking better opportunities elsewhere.
- Discern the factors prompting shifts in the supply curve.
Verified Answer
LN
Learning Objectives
- Discern the factors prompting shifts in the supply curve.