Question

What are the 4 major reasons why customers become UPSET?

Answer 1

Factors that can cause a shift in the supply curve include changes in production costs, technological advancements, government policies and regulations, and natural disasters or weather conditions.

Step-by-step explanation:

Factors that can cause a shift in the supply curve in markets for goods and services include:

1. Changes in production costs: If the cost of resources or inputs used in production increases or decreases, it can cause a shift in the supply curve. For example, an increase in wages for workers can lead to higher production costs and a decrease in supply.
2. Technological advancements: Improvements in technology can lead to more efficient production processes, which can increase the supply of goods and services. For instance, the invention of automated machinery can lower production costs and increase supply.
3. Government policies and regulations: Changes in government policies and regulations can impact the supply of goods and services. For example, if the government imposes higher taxes or stricter regulations on businesses, it can lead to higher production costs and a decrease in supply.
4. Natural disasters or weather conditions: Natural disasters or extreme weather conditions can disrupt production and distribution networks, causing a decrease in supply. For instance, a hurricane can damage crops and reduce the supply of agricultural products.