When the supply curve shifts to the left and the demand curve remains unchanged, the price for the product or service will fall.

Question

Quizplus · Accepted Answer

When the supply curve shifts to the left, it indicates a decrease in the quantity supplied at each price level, which leads to an increase in price as the market becomes more competitive. Therefore, the price for the product or service will increase, not fall.

When the Supply Curve Shifts to the Left and the Demand