Forum Replies Created
- Posts
An increase in the prices of substitute goods – This would result in a shift in the demand curve for the good in question. The shift would be to the right, indicating an increase in demand. Based on the descriptions provided, it’s unclear which diagram would represent this shift.
A reduction in incomes of purchasers of the Good – This would result in a shift in the demand curve for the good in question. The shift would be to the left, indicating a decrease in demand. Based on the descriptions provided, it’s unclear which diagram would represent this shift.
The introduction of a new, more efficient production process – This would result in a shift in the supply curve for the good in question. The shift would be to the right, indicating an increase in supply. Diagram C could potentially represent this shift.
An increase in the costs of factors of Production – This would result in a shift in the supply curve for the good in question. The shift would be to the left, indicating a decrease in supply. Based on the descriptions provided, it’s unclear which diagram would represent this shift.