Question

All of the following can change the supply curve EXCEPT:

Answer 1

Answer:

All of the following can change the supply curve EXCEPT: C a change in consumer tastes for the product.

Explanation:

New technologies, such as more efficient or less expensive production processes, or a modification in the number of competitors in the market have resulted in a change in supply.

The imbalance in the market is due to a change in supply leads in the supply curve and can be corrected by altering prices and demands. The main dissimilarity is that an alteration in supply is not to be confused with an alteration in the supplied quantity.

The first one results in a shift in the entire supply curve, while the second one results in movement along the existing supply curve.

Main factors that affect the supply curve are:

• Number of sellers
• Expectations of sellers
• Price of raw materials
• Technology
• Other prices