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What are the factors that lead to change in supply curve?
The following table summarizes the factors that change the supply curve: Factors Changing Supply | Effect on Supply | Direction of Shift in Supply Curve | Effect on Equilibrium Price | Effect on Equilibrium Quantity | Increase in resource price | Decrease | Leftward | Increase | Decrease | Decrease in resource price | Increase | Rightward | Decrease | Increase | Improved technology | Increase | Rightward | Decrease | Increase | Decline in technology | Decrease | Leftward | Increase | Decrease | Expect a price increase | Decrease | Leftward | Increase | Decrease | Expect a price decrease | Increase | Rightward | Decrease | Increase | Increase in number of suppliers | Increase | Rightward | Decrease | Increase | Decrease in number of suppliers | Decrease | Leftward | Increase | Decrease |
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