Asked in
Economics

Leftward shift in the supply curve?

Answer

User Avatar
Wiki User
February 09, 2010 4:18AM

A leftward shift in the supply curve would mean that some outside (Macro-economic) or inside (Micro-economic) event occurred that caused the supplier of the good to not be willing to make as many at a lower price. The price of the good/service will increase. The new price will be at the new (higher) intersect of the supply and demand curves (equilibrium).