Question

Explain what is meant by a shift in the supply curve.

Answer 1

Supply curve shift: Changes in production cost and related factors can cause an entire supply curve to shift right or left. This causes a higher or lower quantity to be supplied at a given price. The ceteris paribus assumption: Supply curves relate prices and quantities supplied assuming no other factors change.

Answer 2

A change in supply leads to a shift in the supply curve, which causes an imbalance in the market that is corrected by changing prices and demand. ... Essentially, there is an increase or decrease in the quantity supplied that is paired with a higher or lower supply price.

Step-by-step explanation: