Question

PLEAS HELP I NEED IT NOW Supply is a powerful force in a free market. In two to three sentences, explain some of the factors that cause shifts in supply and what effects these shifts may have

Answer 1

Supply curve shift: Changes in production cost and related factors can cause an entire supply curve to shift right or left. This causes a higher or lower quantity to be supplied at a given price. The ceteris paribus assumption: Supply curves relate prices and quantities supplied assuming no other factors change

Answer 2

Shifts in supply occur when the amount of goods available increases or decreases. Shifts in supply can happen when prices change, when competitors produce similar goods, or when the availability of labor or resources changes.