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The theory of the firm under perfect competition — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsThe theory of the firm under perfect competition1 Mark
Question
What effect does an increase in input price have on the supply curve?
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Answer

Increase in input price increases the cost of production. Accordingly, supply curve shifts to the left, implying less supply at the same price or same supply at a higher price.

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