Which of the following would shift the supply curve for a commodity to the right? An increase in the price of a substitute of that commodity in production b. An increase in consumer income (assuming that the commodity is a normal good) c. A decrease in the number of firms that produce that commodity A decrease in the price of an input used to produce that commodity
Which of the following would shift the supply curve for a commodity to the right? An increase in the price of a substitute of that commodity in production b. An increase in consumer income (assuming that the commodity is a normal good) c. A decrease in the number of firms that produce that commodity A decrease in the price of an input used to produce that commodity
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 20P
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Transcribed Image Text:Which of the following would shift the supply curve for a commodity to the right?
An increase in the price of a substitute of that commodity in production
b. An increase in consumer income (assuming that the commodity is a normal
good)
c. A decrease in the number of firms that produce that commodity
A decrease in the price of an input used to produce that commodity
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