Question on: JAMB Economics - 2002
A shift in supply curve indicates that a different quantity will be supplied at each possible price because?
A
consumers are willing to pay higher prices
B
supply is facing competition
C
other factors than price have changed
D
price has changed
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Correct Option: C
A shift in the supply curve is caused by factors other than the good's own price. These factors include:
* Changes in input costs (e.g., wages, raw materials)
* Changes in technology
* Changes in the number of sellers
* Changes in seller expectations
* Changes in government policies (e.g., taxes, subsidies)
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