SELECT * FROM question_mgmt as q WHERE id=5560 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=611 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th micro-economics The Theory of the Firm under Perfect Competition how does an increase in the price of an input affe

Question:

How does an increase in the price of an input affect the supply curve of a firm?

Answer:

An increase in the price of an input increases the cost of production, which in turn increases the marginal cost of the firm. Consequently, the MC curve will shift upward to the left and the supply curve will also shift leftward upward. Therefore, an increasein the input price negatively affects the supply of the firm.


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