ECN 102 Lecture Notes - Lecture 8: List Of Mammalian Gestation Durations, Economic Equilibrium, Demand Curve
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On the other hand a fall in price results in a fall in the quantity supply reflected as a movement down along the supply curve this is shown below: A shift of the supply curve is caused by change in their factor that influence supply shift of t he supply curve to the right (outward shift) is an increase in supply at any price level. While a shift to the left (inward shift) in a decrease in supply at any price level. Degree of responsiveness of the quantity supplied of product resulting from change in the factors that influence supply. E. g. the price elasticity of supply less to the degree of responsiveness of the quantity supplied resulting from a change in the price of a product. However there are barriers that exist in joining the industry the more the barriers the more the inelastic becomes.
