21. When the cost of production increases, the supply curve shifts to the left:

Question

BlackTom AI · Accepted Answer

The question asks about the relationship between production costs and the position of the supply curve.
Option 1: True. When the cost of production rises, firms face higher expenses. To maintain profitability, they reduce the quantity supplied at each price, or they may not be able to supply as much at existing prices. This results in the entire supply curve shifting leftward, indicating a decrease in supply.
Option 2: False. If production costs increase, the supply curve does not shift to the right. A rightward shift would indicate an increase in supply at each price, which would occur if costs fell, technology improved, or other factors made production cheaper. Since higher costs do the opposite, this option misstates the effect on supply.

25FAL-ECO-8-48630 Midterm Exam [ Thu, 10/16 by 11:59pm] MODULES[1 TO 5]

21. When the cost of production increases, the supply curve shifts to the left:

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