If the prices of the factors used to produce a good change,both the demand curve and the supply curve of the good will shift.

Name: If the prices of the factors used to produce a good change,both the demand curve and the supply curve of the good will shift.
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Question

Quizplus · Accepted Answer

The supply curve might shift due to changes in the prices of factors of production, but the demand curve shifts due to changes in consumer preferences, income, prices of related goods, and other factors unrelated to the cost of production.

If the Prices of the Factors Used to Produce a Good