Which of the following would most likely cause an upward shift in a firm's cost curve?

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Which of the following would most likely cause an upward shift in a firm's cost curve?

a. a technological advance

b. an increase in resource prices

c. a decrease in demand for the firm's product

d. a decline in consumer income

business economics

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Answer 1

Answer #1

(b) There will be an upward shift in a firm's cost curve when there will be an increase in resource prices.when the resource price like price of raw materials increases then the firm has to invest more capital on the purchase of resources. As a result, the cost curve will move upward.

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Answer 2

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Which of the following would most likely cause an upward shift in a firm's cost curve?

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Which of the following would most likely cause an upward shift in a firm's cost curve?

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Which of the following would most likely cause an upward shift in a firm's cost curve?