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Can you list the factors that shift supply curve
Can you list the factors that shift supply curve.
Expert Solution
- Number of Sellers: an increase in the number of suppliers makes the supply curve to shift rightward while a decline in the number of suppliers makes the supply curve to shift leftward.
- Input Prices: a decrease in prices of factors of production such as oil causes the supply curve to shift rightward while an increase in prices of factors of production causes the supply curve to shift leftward.
- Technology: advancement in technology causes the supply curve to shift rightward while the deterioration in technology causes the supply curve to shift leftward.
- Expectations: if the suppliers expect the price of a good will rise in the future, they will restrict supply today and thus cause the supply curve to change leftward. On the other hand, if they expect the price of a good to fall in the future, they will increase supply today and hence cause the supply curve to shift rightward.
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