An increase in the price of Lay's potato chips causes the supply curve for this product to shift up and to the left.

Name: An increase in the price of Lay's potato chips causes the supply curve for this product to shift up and to the left.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

An increase in the price of a product would cause a movement along the supply curve, not a shift. A shift in the supply curve would be caused by a change in a non-price determinant of supply, such as technology or input costs.

An Increase in the Price of Lay's Potato Chips Causes