Asked by linda farran on Jun 10, 2024
Verified
Which of the following would shift the supply curve of a good to the left?
A) An increase in the price of that good
B) A decrease in the price of an alternative good
C) An improvement in technology used in producing the good
D) An increase in the cost of an important resource used to produce the good
E) An increase in the number of producers of the good
Important Resource
A critical input or asset essential for the production process or for the functioning of an organization or economy.
- Ascertain what factors result in supply curve adjustments.
- Identify the influence of input costs on the expenses associated with production and supply levels.
Verified Answer
JY
Jessica YilmazJun 11, 2024
Final Answer :
D
Explanation :
An increase in the cost of an important resource used to produce the good would shift the supply curve of a good to the left, as it would become more expensive for producers to produce the good, thus reducing the quantity supplied at any given price level.
Learning Objectives
- Ascertain what factors result in supply curve adjustments.
- Identify the influence of input costs on the expenses associated with production and supply levels.