Homework Answers
Answer:
1. leftward shift of the supply curve.
reason: All else constant, when the price of an input increases, the supply curve shifts inward, to the left. This shift indicates that the supplier will supply less at each given price level.
2. False
reason: When there is a change in quantity supplied it is in response to a change in price. This change is indicated by a movement along the supply curve. A shift in the supply curve happens due to other factors than price.
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