OPTION (C), A change in Resource Price will shift a supply curve. An increase in resources prices causes a decrease in supply and a decrease in resource prices causes an increase in supply.
What is meant by Resource Price?
The prices of the resource inputs that affect production cost and the ability to sell a particular good, which are assumed constant when a supply curve is constructed. An increase in resources prices causes a decrease in supply and a decrease in resource prices causes an increase in supply. Resources prices are one of five supply determinants that shift the supply curve when they change. The other four are production technology, other prices, sellers' expectations, and number of sellers.
What is Supply?
In economics, supply is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or to an individual. Supply can be in produced goods, labour time, raw materials, or any other scarce or valuable object.
What is a supply curve?
A supply curve is a representation of the relationship between the price of a good or service and the quantity supplied for a given period of time.
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