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
Ask EduPadi AI for a detailed answer
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)
Add your answer
Please share this, thanks!
No responses