It would probably cause the supply curve upwards and shift to the left.
the curve would shift to the right
An inrease in the retirement age would effectively increase a country's labor supply, shifting the production possibilities curve right.
leftward
Yes. Equilibrium is created at the intersection of the Demand curve and Supply Curve. Equilibrium can be shifted if the Demand curve increases or decreases, and the same happens when the Supply curve increases or decreases. Without demand, you would just have a Supply curve.
A change in price level would cause movement along the demand curve, but would not cause the curve itself to shift.
the curve would shift to the right
An inrease in the retirement age would effectively increase a country's labor supply, shifting the production possibilities curve right.
leftward
Yes. Equilibrium is created at the intersection of the Demand curve and Supply Curve. Equilibrium can be shifted if the Demand curve increases or decreases, and the same happens when the Supply curve increases or decreases. Without demand, you would just have a Supply curve.
A change in price level would cause movement along the demand curve, but would not cause the curve itself to shift.
there would be an eventual upward movement along the demand curve, reestablishing equilibrium
there would be an eventual upward movement along the demand curve, reestablishing equilibrium
A perfectly inelastic supply relation would be defined as one where the quantity produced remains static under any price change. If we'd plot this curve in the familiar demand-supply framework with price being on the y-axis and quantity on the x-axis, the curve would be vertical.
Because of the price taking nature of the firm in the perfectly competitive market. The supply curve would be the portin of the (Marginal Cost Curve) that disects the (P=Ar=Mr curves). Som from that point up would be the supply curve, to produce below that point would not be beneficial to the establishment. Up sloping and equal to the portion of the marginal cost curve that lies above the average variable cost. The demand curve is also perfectly elastic, this too contributes to the fact.
Their prices would increase.
Their prices would increase.
A change in supply means that the supply curve has shifted. With a stable demand, this will result in a change in the quantity supplied but also a change in price. A change in only quantity supplied without a change in supply would require a horizontal supply curve. Alternatively a change in quantity supplied and price may occur if there is a shift of the demand curve.