when there is an increase in the cost of producing a good or service this will cause the supply curve to shift up and to the left true or false
when there is an increase in the cost of producing a good or service this will cause the supply curve to shift up and to the left true or false
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section3.2: Supply
Problem 2ST
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Question
when there is an increase in the cost of producing a good or service this will cause the supply curve to shift up and to the left
true or false
Expert Solution
Step 1
Supply of a commodity is the relation between the price of the commodity and the willingness of the seller to supply the commodity at the market at the given price.
There is a direct relation between the price of a commodity and the supply of the commodity. That is when price increases supply increases and vice versa.
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