Changes in Supply Curves

What is a shift in the supply curve?

• A shift in the supply curve refers to a change in the price of the goods or services.

• A shift in the supply curve refers to a change in the demand for the goods or services.

• A shift in the supply curve refers to a change in the quantity supplied at every price level.

• A shift in the supply curve refers to a change in the quantity demanded at every price level.

What are the factors that can cause a shift in the supply curve?

• Changes in demand, changes in consumer income, changes in consumer preferences

• Changes in the weather, changes in exchange rates, changes in interest rates

• Changes in population, changes in inflation rates, changes in government spending

• Changes in production costs, changes in technology, changes in the number of suppliers, changes in government regulations, and changes in expectations about future prices.

Explain the concept of an increase in supply.

• An increase in supply refers to a situation where the quantity of a good or service that producers are willing and able to sell at a given price level increases.

• An increase in supply refers to a situation where the quantity of a good or service that producers are willing and able to sell at a given price level remains constant.

• An increase in supply refers to a situation where the quantity of a good or service that consumers are willing and able to buy at a given price level increases.

• An increase in supply refers to a situation where the quantity of a good or service that producers are willing and able to sell at a given price level decreases.

Explain the concept of a decrease in supply: A decrease in supply refers to a situation where the quantity of a good or service that (a)   are willing and able to (b)   at a given price level decreases.

• consumers, buy
• producers, sell
• demand, decreases
• price, decreases

How does a change in production costs affect the supply curve?

• A change in production costs affects the supply curve by shifting it.

• A change in production costs affects the demand curve instead of the supply curve.

• A change in production costs has no effect on the supply curve.

• A change in production costs causes the supply curve to become steeper.

What is the difference between a movement along the supply curve and a shift in the supply curve?

• A movement along the supply curve is caused by a change in quantity demanded, while a shift in the supply curve is caused by a change in demand.

• A movement along the supply curve is caused by a change in demand, while a shift in the supply curve is caused by a change in quantity supplied.

• A movement along the supply curve is caused by a change in quantity supplied, while a shift in the supply curve is caused by a change in quantity demanded.

• A movement along the supply curve is caused by a change in price, while a shift in the supply curve is caused by factors other than price.

Give an example of a factor that can cause a rightward shift in the supply curve.

• Decrease in taxes

• Decrease in consumer demand

• Increase in the cost of production

• Increase in wages

A factor that can cause a leftward shift in the supply curve is (a)   .

• Decrease in the number of suppliers
• Increase in production costs
• Increase in demand
• Increase in the number of suppliers

What is the relationship between price and quantity supplied?

• Positive or direct

• Random or unpredictable

• No relationship

• Negative or inverse

How does technological advancement affect the supply curve?

• Technological advancement can cause the supply curve to become vertical.

• Technological advancement has no effect on the supply curve.

• Technological advancement can shift the supply curve to the left.

• Technological advancement can shift the supply curve to the right.