Multiple Choice Questions on Which of the following is the result of increase in price of factors of production ........ for Common University Entrance Test (CUET) Preparation

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Multiple Choice Questions

Which of the following is the result of increase in price of factors of production ........

Economics (CUET) Consumer Behaviour and Demand
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    Which of the following is the result of increase in price of factors of production?

     

    Rightward shift in supply curve
     

    Correct Answer

    Leftward shift in supply curve
     

    Incorrect Answer

    Expansion in supply
     

    Incorrect Answer

    Contraction in supply

    Incorrect Answer
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    Explanation:

    Option (1) is correct.
    Explanation: When the price of factors of production like land, labour rises, then it leads to rise in cost of production and hence supply falls. Thus, supply curve shifts to the left.

    By: Parvesh Mehta
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