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A:
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What happens to the supply curve when the price of the factor of production would rise?
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Solved in 2 steps
- What are the main shifters for the supply and demand curve?The introduction of new technology can affect the amount of supply a business will produce. Will it cause the supply curve to increase or decrease?Does a change in producer`s technology lead to a movement along the supply curve or a shift in the supply curve? Does a change in price lead to a movement along the supply curve or a shift in the supply curve?