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Chapter 3: 24 (page 78)

Name some factors that can cause a shift in the

supply curve in markets for goods and services.

Short Answer

Expert verified

When a change in some economic factor other than price causes a different quantity to be supplied at every price.

Step by step solution

01

Step 1:change in production cost and input prices can shift the supply curve.

Change in production cost and related factors shift the entire supply curve from right to left or vice- versa.

02

:natural conditions....natural calamities like drought, floods,etc.also affect the supply curve of market goods and services.

a drought decrease the supply of agricultural goods at a given price,a lower quantity of goods will be supplied.

03

Step 3:Government policies also affect the shiting of supply curve in market

government policies like taxes ,subsidiesand regulations also affect the cost of production and supply curve.

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Most popular questions from this chapter

What does a downward-sloping demand curvemean about how buyers in a market will react to a higher

price?

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markets? If not, how will they differ?

When analyzing a market, how do economists deal with the problem that many factors that affect the market are changing at the same time?

Name some factors that can cause a shift in the demand curve in markets for goods and services.

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