Answered: Please select all potential causes of a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please select all potential causes of a rightward supply curve shift (check all that apply)

sellers expect the price to be higher in the future

consumer income increases

there is a cost-saving improvement in technology

the price increases

Expert Solution

Step 1: Explain the meaning of rightward shift in the supply curve

The supply curve is a graphical representation of the relationship between the price of a good or service and the quantity that producers are willing to supply. It is an upward sloping curve, reflecting the law of supply - producers supply more of a good as its price increases.

A rightward shift in the supply curve indicates an increase in supply, meaning that producers are willing to supply more of the good at each price.

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