Which of the following statements correctly describes how an event will impact supply or quantity supplied?

Choose 1 answer:
(A) A price decrease increases quantity supplied.
B) An increase in demand causes an increase in supply.
(C) A decrease in resource costs causes an increase in the supply curve
(D) A price increase causes an increase in supply.
(E) An increase in costs of production causes the supply curve to increase.

Question

Which of the following statements correctly describes how an event will impact supply or quantity supplied?

Choose 1 answer:
(A) A price decrease increases quantity supplied.
B) An increase in demand causes an increase in supply.
(C) A decrease in resource costs causes an increase in the supply curve
(D) A price increase causes an increase in supply.
(E) An increase in costs of production causes the supply curve to increase.

Accepted Answer

***C*** ∻Key Concept∻ ⚹Supply Curve Shifts⚹ ∻Explanation∻ ⚹A decrease in resource costs reduces production costs, leading to an increase in supply at all price levels, which is represented by a rightward shift of the supply curve.⚹◊How does a decrease in resource costs impact the supply curve according to the law of supply in macroeconomics?⍭ Generate me a similar question◊

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