If the supply curve shifts leftward, the A) none of the other answers are correct. B) price in the market will increase. C) price in the market will decrease. D) quantity in the market will increase. E) demand curve will shift in the same direction.
If the supply curve shifts leftward, the A) none of the other answers are correct. B) price in the market will increase. C) price in the market will decrease. D) quantity in the market will increase. E) demand curve will shift in the same direction.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
If the supply curve shifts leftward, the
A) none of the other answers are correct.
B) price in the market will increase.
C) price in the market will decrease.
D) quantity in the market will increase.
E) demand curve will shift in the same direction.
Expert Solution
Step 1
Supply Curve: - supply curve is the graphical way of showing the relationship between the quantity supplied and the price of a good. There is a direct relationship between the quantity supplied and the price for normal goods which means if price increases quantity supplied increases and if price decreases quantity supplied decreases.
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