Income Price of related goods Technology Tastes and preferences Resource prices
ID: 1218816 • Letter: I
Question
Income Price of related goods Technology Tastes and preferences Resource prices Number of producers Indicate whether a change in the value of each of the following determinates of supply leads to a movement along the supply curve or a shift in the supply curve Change in market price: Change in factor productivity Change in producer expectations: Change in the price of other goods: Change in technology: Change in technology: Change in resource prices: Change in taxes: Given the following diagram, indicate whether these changes represent a change in supply or a change in quantity supplied.Explanation / Answer
Answer:
Indicate whether a change in the value of each of the following determinants of supply leads to a movement along the supply curve of a shift supply curve:
i. Change in market price: movement along the supply curve
ii. Change in factor productivity: a shift in the supply curve
iii. Change in producer expectations: a shift in the supply curve
iv. Change in the price of other goods: a shift in the supply curve
v. Change in technology: a shift in the supply curve
vi. Change in resource prices: a shift in the supply curve
vii. Change in taxes: a shift in the supply curve