Question

All of the following can change the supply curve EXCEPT: A. the cost of labor. a change in consumer tastes for the product. B. the expectation that prices are about to increase. C. the number of sellers offering the product

Answer 1

Answer:

The correct answer is: B) A change in the demand for the product.

Explanation:

Changes in demand and changes in the quantity demanded change in the quantity demanded refers to the passage from one point to another within the same curve, (an upward or downward movement) as a result of a decrease or increase in the price of the product. A change in demand is a shift of the entire curve to the right (increase in demand), or to the left (decrease in demand), due to factors other than price.

Answer 2

Answer:

a change in consumer tastes for the product.

Explanation:

A change in consumer taste about a product causes the demand curve and not the supply curve to change.

If the cost of Labour increases, cost of production is higher and supply would fall. The supply curve would shift leftward.

If the cost of Labour falls, cost of production is lower and supply would increase. The supply curve would shift to the right.

If it is expected that price would increase, supply would increase and the supply curve would shift to the right.

If the number of sellers increases, supply would increase and the supply curve would shift to the right.

If the number of sellers decreases, supply would fall and the supply curve would shift to the left.

I hope my answer helps you