In: Economics
Supply curve of Tim Horton’s coffee shifts to the left when:
a
there is a change in the consumer's taste
b
there is a change in the price.
c
there is a change in the number of buyers
d
there is a change in the cost of production
Answer : Option 'd' is the correct Answer
A decrease in supply would cause the supply curve to shift to the left.
Factors cause a shift in the supply curve are input costs(cost of resources), technology, expectations, number of firms (sellers)
Consumer's taste causes a shift in the demand curve.
Change price causes supply to shift left/right on when the others parameters are constant.
Change in the number of buyers cause a shift in the demand curve.
Change in input prices (increase) or increase in the cost of production will cause the supply curve shifts to the left and vice-versa.