Question

When ________, business firms will collectively supply a lower quantity of output at any given price, and the supply curve will shift to the left.

Answer 1

When cost of production increase  business firms will supply lower quantity of output

Effect of production cost on prices

When the cost of production increases, producers will tend to produce a lesser quantity of goods and services and this is cause an increase in demand over supply in the open market.,

An increase in demand without a corresponding increase in supply will cause the supply curve to shift to the left.

Hence we can conclude that When cost of production increase  business firms will supply lower quantity of output

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