Asked by Nawaf AMehemeed on May 07, 2024
Verified
Which factor would cause a LEFTWARD shift in the supply curve for a good?:
A) an increase in the number of sellers
B) a technological improvement in production
C) an increase in the cost of an input
D) an increase in the number of buyers
Number of Sellers
A factor in market structures that refers to the total count of suppliers offering a similar product or service.
Technological Improvement
Advances in technology that enhance productivity, efficiency, or quality in the production of goods or services.
Cost of an Input
The cost of an input refers to the amount of money expended on resources needed to produce a good or service.
- Recognize the determinants that lead to a surge or decline in product supply.
- Examine how input costs influence the availability of goods.
Verified Answer
Learning Objectives
- Recognize the determinants that lead to a surge or decline in product supply.
- Examine how input costs influence the availability of goods.
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