(Figure: Shift in Supply 1) Use the figure to answer the question. Price Old supply New supply Quantity Which of the following events would NOT lead to a shift of the supply curve from Old supply to New supply? O an increase in the number of firms in the market O an increase in demand for the product O decreased taxation of raw materials used bY producers
(Figure: Shift in Supply 1) Use the figure to answer the question. Price Old supply New supply Quantity Which of the following events would NOT lead to a shift of the supply curve from Old supply to New supply? O an increase in the number of firms in the market O an increase in demand for the product O decreased taxation of raw materials used bY producers
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:(Figure: Shift in Supply 1) Use the figure to answer the question.
Price
Old
supply
New
supply
Quantity
Which of the following events would NOT lead to a shift of the supply curve from Old supply to New
supply?
O an increase in the number of firms in the market
O an increase in demand for the product
O decreased taxation of raw materials used by producers
O technological advance in production techniques
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