Question

which of the following shifts a supply curve for a product? sequential increases in a products market price changes in technology, resource prices, and future price expectations shortages of a product buyers purchasing less of a product i dont know yet

Explanation:

Step1: Recall Supply Curve Shifters

Supply curve shifts (changes in supply) are caused by non - price determinants. Price changes cause a movement along the supply curve, not a shift.

• Option 1: "Sequential increases in a product’s market price" is a price change. It causes a movement along the supply curve, not a shift.
• Option 2: "Changes in technology, resource prices, and future price expectations" are non - price determinants of supply. Changes in technology can make production more efficient, resource prices affect production costs, and future price expectations can influence current production decisions (e.g., if producers expect higher future prices, they may reduce current supply to sell more later). These factors shift the supply curve.
• Option 3: "Shortages of a product" are related to the market equilibrium situation (quantity demanded > quantity supplied at a given price) and do not directly shift the supply curve.
• Option 4: "Buyers purchasing less of a product" is related to demand (a change in quantity demanded or demand) and not supply.
• Option 5: "I DON'T KNOW YET" is not a valid economic factor.

Answer:

The option that shifts a supply curve for a product is: Changes in technology, resource prices, and future price expectations (the second option among the given choices).