Figure 5.2. The figure shows the supply and demand curves of a firm.
-Refer to figure 5.2. An increase in the cost of production will lead to a(n):

Question

​Figure 5.2. The figure shows the supply and demand curves of a firm. 
-Refer to figure 5.2. An increase in the cost of production will lead to a(n):​

Quizplus · Accepted Answer

An increase in the cost of production will lead to a leftward shift in the supply curve of the product, S. This is because the increase in cost means that suppliers are less willing to supply the same quantity of the product at each price level, leading to a decrease in supply.

​Figure 52

Figure 52