Figure 3.3 Alt text for Figure 3.3: In figure 3.3, a graph of the effect of an increase in the price of inputs on the supply curve.
Long description for Figure 3.3: The x-axis is labelled, Quantity, and the y-axis is labelled, Price.Curve Supply, S1, is a straight line which slopes up from the bottom left corner to the top right corner.2 points, A and B, are marked in the middle of curve S1.Curve S2 follows the same slope as curve S1, but is plotted to the right.A right pointing arrow indicates the change from curve S1 to curve S2.
-Refer to Figure 3.3.An increase in the number of firms in the market would be represented by a movement from

Question

Figure 3.3

Alt text for Figure 3.3: In figure 3.3, a graph of the effect of an increase in the price of inputs on the supply curve.
Long description for Figure 3.3: The x-axis is labelled, Quantity, and the y-axis is labelled, Price.Curve Supply, S1, is a straight line which slopes up from the bottom left corner to the top right corner.2 points, A and B, are marked in the middle of curve S1.Curve S2 follows the same slope as curve S1, but is plotted to the right.A right pointing arrow indicates the change from curve S1 to curve S2.
-Refer to Figure 3.3.An increase in the number of firms in the market would be represented by a movement from

Quizplus · Accepted Answer

An increase in the number of firms in the market typically shifts the supply curve to the right, indicating an increase in supply. This is represented by a movement from an initial supply curve (e.g., S₁) to a new supply curve with a higher supply level (e.g., S₂).

Figure 33 Alt Text for Figure 3