The theory of the firm under perfect competition — Economics STD 11 Commerce — Question
CBSE BoardEnglish MediumSTD 11 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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