The change illustrated by the shift of the curve in the graph is a decrease in supply.
What is the supply curve?
The supply curve is curve that shows the relationship between price and quantity supplied. The supply curve is positively sloped. As price increases, quantity supplied increases.
What is a decrease in supply?
When there is a shift to the left, it means there is a decrease in supply. The factors that can lead to a decline in supply are:
- decrease in the number of suppliers
- increase in the price of inputs
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