An increase in the price of a product and an increase in the number of sellers in the market affect the supply curve in the same general way.

Question

Quizplus · Accepted Answer

An increase in the price of a product typically affects the quantity supplied, moving along the supply curve, while an increase in the number of sellers in the market shifts the entire supply curve to the right, indicating an increase in supply at every price level.

An Increase in the Price of a Product and an Increase