A change in the supply of a given good could be caused by
A)a change in demand for the good.
B)a change in consumer preferences.
C)a change in technology that affects of production costs.
D)introduction of new consumers into the market.
E)none of the above.

Question

Quizplus · Accepted Answer

A change in technology that affects production costs can impact the supply of a given good. For example, if there is a new and more efficient method of production, the cost of producing the good may decrease, which can lead to an increase in supply. Changes in demand, consumer preferences, and new consumers in the market can impact the quantity demanded but not the supply.

A Change in the Supply of a Given Good Could