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Questions and Answers
Which of the following is an example of a supply curve shifter?
Which of the following is an example of a supply curve shifter?
- Increase in the number of buyers
- Expectation of future price rise
- Increase in the price of the good
- Fall in input prices (correct)
According to the law of supply, what happens to the quantity supplied when the price of a good rises?
According to the law of supply, what happens to the quantity supplied when the price of a good rises?
- Quantity supplied fluctuates
- Quantity supplied decreases
- Quantity supplied remains the same
- Quantity supplied increases (correct)
What is the effect of a cost-saving technological improvement on the supply curve?
What is the effect of a cost-saving technological improvement on the supply curve?
- Shifts the supply curve to the left
- Causes the supply curve to fluctuate
- Shifts the supply curve to the right (correct)
- Does not affect the supply curve
