Which of the Following Will Shift the Supply Curve of Good

question 101

Multiple Choice

Which of the following will shift the supply curve of good X rightward?

• A)a decrease in the wages of workers employed to produce good X
• B)an increase in the cost of capital used to produce good X
• C)an increase in the price of energy
• D)a decrease in the number of suppliers of good X
• E)the price of Y,a substitute in production for good X,rises

Comprehend the factors affecting elasticity (e.g., availability of substitutes, necessity versus luxury) and their economic implications.

Grasp the concepts of income elasticity of demand and cross-price elasticity of demand and how they relate to goods being normal, inferior, substitutes, or complements.

Analyze the effects of elasticity on total revenue and expenditure.

Understand the concept of price elasticity of supply and its determinants.

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