IBDP Economics SL – Microeconomics- Supply- Paper 1- Exam Style Practice Questions
Microeconomics- Supply-Paper 1
Exam Style Questions..
Subject Guide IBDP Economic IBO
IBDP Economic SL- All Topics
Exam Style Question for Microeconomics- Supply Paper 1
Question
Explain two factors which could shift a firm’s supply curve to the left.
▶️Answer/Explanation
Answers may include:
- definition of supply, supply curve
- diagram to show a shift in supply to the left
- explanation of two of: increases in the costs of factors of production; increases in prices of related goods; increased indirect taxes; other factors such as: changes in regulations, objectives of the business, the weather, labour disputes, etc
- examples of factors reducing supply in practice.