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WAEC Economics 2021 Question 12

Question 12

Theory of Supply

A leftward shift in the supply curve for a commodity indicates

  1. A.an increase in quantity supplied
  2. B.a decrease in supply.
  3. C.a reduction in quantity supplied.
  4. D.an increase in supply.
Show the answer and explanation

Answer: B (a decrease in supply.)

Explanation

A shift to the left means less is supplied at every price.