Which of the following examples will shift the supply curve for a product to the left?

Question

BlackTom AI · Accepted Answer

Question restatement: Which of the following examples will shift the supply curve for a product to the left?

Option provided: 'An increase in the cost of machinery used to produce Good X.'

Analysis of the option:
- An increase in the cost of inputs or production inputs (such as machinery) raises the marginal cost of producing each extra unit. When costs rise, producers are less willing or able to supply the same quantity at every price, causing the entire supply curve to shift leftward (a decrease in supply).
- This aligns with the basic supply framework: leftward shifts occur due to higher production costs, higher taxes on production, or increased input prices, all of which make production less profitable at any given price.
- A leftward shift means that at any given market price, the quantity supplied is lower than before, which corresponds to reduced supply capacity in response to higher machinery costs.

Notes on missing alternatives:
- The prompt lists a single option, but typical multiple-choice questions include multiple alternatives. Since we only have one option to evaluate, we can assess its validity in isolation: an increase in machinery costs is a classic factor that would shift the supply curve to the left.
- If other options were present (e.g., a decrease in input costs, a technological improvement, or a subsidy), they would generally shift the supply curve to the right or have mixed effects depending on context. Without those options, we focus on the provided one and explain why it would produce a leftward shift.

Summary rationale: The given example describes a rise in production costs (machinery), which reduces supply because higher costs deter production at existing prices, causing the supply curve to shift left.

SOC-ECONB Supply & Prices

Which of the following examples will shift the supply curve for a product to the left?

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