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Demand Shifters

Which one of ...

Question

Which one of the following is the result of an increase in the prices of the factors of production?

[1 mark]

A

Rightward shift in supply curve

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B

Leftward shift in supply curve

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C

Expansion in supply

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D

Contraction in supply

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Solution

The correct option is B Leftward shift in supply curve
The increase in the prices of the factors of production leads the producer to supply less of the commodity at the given price. In such a situation, we see a leftward shift in the supply curve.

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