Which of the following is not a factor that might shift the supply curve for Product X?

Question

BlackTom AI · Accepted Answer

To tackle the question, I’ll first restate what is being asked and what kind of factors influence supply.
The prompt asks: Which item is not a factor that might shift the supply curve for Product X?
When economists discuss supply, a shift in the supply curve occurs due to non-price determinants such as input costs, technology, expectations, the number of sellers, or the prices of related goods in production. These are factors that change the entire relationship between price and quantity supplied.
Option content available: 'c. An increase in the price of Product X'. 
Now, let’s evaluate the idea behind this option:
- An increase in the price of Product X is typically viewed as a movement along the supply curve, not a shift of the curve itself. When the market price rises, producers respond by supplying more of Product X, which is represented as a movement from one point on the curve to another point higher up on the same curve. This is known as a change in quantity supplied, not a change in supply. Therefore, this option describes a price-driven movement along the curve, not a non-price determinant that would shift the curve.
- In contrast, true supply shifters would include things like higher input costs (which reduce supply and shift the curve left), improved production technology (which can increase supply and shift right), expectations about future prices (which can alter current supply decisions), the number of sellers in the market (more sellers typically increase supply), and the prices of other goods that could be produced with the same resources (which can reallocate production and shift supply).
- If there were additional options, we would compare each one to these categories. Any option describing a non-price determinant would be a valid candidate for a supply shift, while any option describing price effects would typically refer to movement along the curve.
- In short, the core misunderstanding to avoid is conflating price changes with shifts in the entire supply curve. A higher or lower price of Product X changes the quantity supplied along the existing curve, not the curve’s position.
- Since the question asks for the item that is not a factor shifting the supply curve, the essence is to identify that price of Product X is generally not a shifter of the curve itself, but a trigger for movement along the curve. Other, non-price determinants would be the causes of a shift.
- If you were asked to select among several options, you would look for the one that represents a price-related change (movement along the curve) rather than a determinant of supply (a shift). The non-shifter option would be phrased as a price change rather than a determinant like input costs or technology.
- Finally, given the single option presented, recognizing that price changes lead to movement along the curve rather than a shift is the key takeaway for identifying why this option does not shift the supply curve.

Which of the following is not a factor that might shift the supply curve for Product X?

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Which of the following is not a factor that might shift the supply curve for Product X?

View Explanation

Log in for full answers

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