The supply curve for an industry would be expected to shift to the left if:
Technology is introduced
The price of raw materials decreased
The price of raw materials increased
Competition from firms entering the industry increased
The supply curve shifts left when production becomes more expensive or difficult.
Why Does a Leftward Shift Occur?
Increased raw material costs make production more expensive, leading to a reduction in supply.
Higher wages, taxes, or stricter regulations can also shift the supply curve left.
What Causes a Rightward Shift?
Technological improvements lower costs and increase supply.
Lower raw material costs reduce production expenses, encouraging more supply.
???? Reference: CISI Wealth & Investment Management (Economic Principles), Microeconomics - Supply & Demand.
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