Final answer:
The location of the supply curve of a product depends on the technology used to produce it, the prices of resources used in its production, and the number of sellers in the market.
Step-by-step explanation:
The location of the supply curve of a product depends on several factors. One of these factors is the technology used to produce the product. For example, if a new technology is introduced that makes production more efficient, the supply curve will shift to the right, indicating that more quantity can be supplied at each price level.
Another factor that affects the supply curve is the prices of resources used in production. If the prices of resources increase, the cost of production goes up, resulting in a leftward shift of the supply curve as firms are willing to supply less quantity at each price level.
The number of sellers in the market is also a factor that affects the supply curve. If there are more sellers in the market, the total supply will be higher at each price level, leading to a rightward shift of the supply curve.