A(n) ________ will shift the short-run industry supply curve of a perfectly competitive industry.
A) increase in the price of an input
B) increase in the income of consumers
C) increase in the price of the product
D) increase in the demand for the product

Question

Quizplus · Accepted Answer

An increase in the price of an input makes production more expensive for all firms in the industry, leading to a decrease in supply at any given price level, thus shifting the short-run industry supply curve to the left.

A(n) ________ Will Shift the Short-Run Industry Supply Curve of a Perfectly