A leftward shift of a product supply curve might be caused by some firms leaving the industry.
What is a product supply curve?
In economics, the product supply curve is a visual depiction that shows the connection between product price and quantity that a supplier is prepared to offer.
In Graphical representation;
- The vertical axis of the graph represents the product price, while
- The horizontal axis represents the number of goods delivered.
Now, if there is a leftward shift of the product supply curve, it might be caused by some firms leaving the industry because enough products are not supplied.
Learn more about the product supply curve here:
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