Explain three causes of leftward shift of supply curve
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Three causes of leftward shift in supply curve are as follows:
(i) Rise in the price of substitute goods.
(ii) Rise in the price of factors of production.
(iii) Outdated technology.
(i) Rise in the price of substitute goods.
(ii) Rise in the price of factors of production.
(iii) Outdated technology.
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Explanation:
When a firm discovers a new technology that allows it to produce at a lower cost, the supply curve will shift to the right as well. ... A technological improvement that reduces costs of production will shift supply to the right, causing a greater quantity to be produced at any given price.
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