Question on: JAMB Economics - 2001
A change in supply is best described as a?
A
movement along the supply curve
B
shift of the supply curve to the left or to the right
C
shift of the supply curve to the left
D
shift of the supply curve to the left
Ask EduPadi AI for a detailed answer
Correct Option: B
A change in supply is defined as a shift of the entire supply curve, either to the left (decrease in supply) or to the right (increase in supply). This is caused by factors other than the price of the good itself. Options C and D are incorrect as they only describe a shift to the left. Option A describes a change in quantity supplied, which is a movement along the supply curve due to a change in price.
Add your answer
Please share this, thanks!
No responses