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JAMB Economics 2001 Question 8

Question 8

Theory of Supply

A change in supply is best described as a

  1. A.movement along the supply curve
  2. B.shift of the supply curve to the left or to the right
  3. C.shift of the supply curve to the left
  4. D.shift of the supply curve to the right
Show the answer and explanation

Answer: B (shift of the supply curve to the left or to the right)

Explanation

A change in supply is caused by factors other than the good's own price and shows as a shift of the whole curve, either left (decrease) or right (increase).