Asked by Andrea Weitoschova on Jun 18, 2024
Verified
The supply curve will shift left when:
A) suppliers in the market increase.
B) taxes increase.
C) the costs of technologies decrease.
D) the costs of inputs decrease.
Supply Curve
Graph that shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand.
Technologies
The application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machinery, and devices.
- Familiarize yourself with the core principles of supply, which cover the law of supply and the factors influencing a shift in the supply curve.
Verified Answer
YD
Yadira DominguezJun 23, 2024
Final Answer :
B
Explanation :
An increase in taxes on the goods or services being supplied can increase the cost of production for suppliers. This makes it more expensive for them to produce the same amount of goods or services, leading to a decrease in the quantity supplied at each price point, which is represented by a leftward shift in the supply curve.
Learning Objectives
- Familiarize yourself with the core principles of supply, which cover the law of supply and the factors influencing a shift in the supply curve.