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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Name some farm that can cause a shift in the supply curve in markets for goods and services.

To determine

Factors that cause shift in the supply curve in market for goods and services.

Explanation

Supply curve shift is dependent on various factors like:

  1. Production cost: when cost of input like labor, raw material increases the production cost goes up but if the prices do not increase simultaneously firms do not make enough profits. This will impact their supply decision to produce more or not. Thus, if production cost falls firms will supply more and the supply curve shifts right...

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