A leftward shift of a product's supply curve might be caused by a(n):

Question

Quizplus · Accepted Answer

A decrease in the number of businesses in an industry would result in a decrease in the overall supply of the product, which causes a leftward shift of the supply curve. Improved production techniques and a decline in resource prices would increase supply (shift the curve to the right), while an increase in consumer incomes and changes in consumer preferences may affect demand, but not supply.

A Leftward Shift of a Product's Supply Curve Might Be