Giving reasons state whether the following statement is true or false. 'The supply curve of a good shifts to the right when prices of other goods rise

Question

Giving reasons state whether the following statement is true or false. 'The supply curve of a good shifts to the right when prices of other goods rise

Giving reasons state whether the following statement is true or false. 'The supply curve of a good shifts to the right when prices of other goods rise'.

Monjur Alahi

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2025-01-04 04:42

1 Answers

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Salim Ahmed Kawsar · Accepted Answer · 2023-02-05T15:29:48+06:00

Salim Ahmed Kawsar

This statement is false. Increase in prices of other goods makes their production more profitable for the producer. As a result the firm shifts its resources from production of the given commodity to the production of other goods. A decline in the supply of a commodity shift supply curve to left.

5 views Answered 2023-02-05 15:29