Question

for each of the following changes, determine whether there will be a change in supply (i.e, a shift of the supply curve) or a change in quantity supplied (i,e no shift of the supply curve)

1. change in the resource
2. change in the producer expectations
3. change in the price of the good
4. change in technology
5. the number of sellers

Answer 1

a) Change in the resources will shift the supply curve and it will be considered as a change in the supply.

b) change in the producer expectation will be considered as a change in the supply and it will shift the supply curve.

c) change in the price of the good will not shift the supply curve and it will be considered as change in the quantity supplied.

d) Change in technology will be change the supply by shifting the curve.

e) the number of seller will shift the supply curve in the market.