You are provided with the following table, which shows data for the price and quantity supplied of embossed T-shirts.
(i) The minimum wage for workers is increased, which leads to an increase in the cost of production for embossed T-shirts. The firm now produces 20% fewer shirts at each price. Fill in the table below to show what the new supply of embossed T-shirts will be.
(ii) Which way has the supply curve shifted?
Correct Answer:
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