does a decrease in supply affect the supply curve?
:)) Maddie
When there is a decrease in supply, it affects the supply curve in the following way:
1. Shift to the left: A decrease in supply means that there is less quantity of a good or service available at each price level. This causes the supply curve to shift to the left.
2. Higher prices: When there is a decrease in supply, the limited availability of the good or service puts upward pressure on prices. As a result, the supply curve shifts to the left, indicating that at any given price, the quantity supplied is lower.
To understand this concept visually, you can plot a supply curve on a graph with price on the y-axis and quantity supplied on the x-axis. If there is a decrease in supply, the curve will shift to the left, indicating that at each price point, the quantity supplied is lower. This shift indicates that suppliers are willing to supply fewer units of the product due to various factors such as increased production costs, a decrease in availability of inputs, or a decline in technological advancements.