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Sagot :
The federal minimum wage is raised by legislation passed by Congress from $7.25 to $9.0. Due to a shift in the supply curve, businesses that hire a lot of unskilled labor might anticipate an increase in the price of the goods and services they provide.
Supply: What Is It?
In economics, supply is referred to as the total quantity of a particular good or service that a supplier makes available to customers at a particular time and price. Usually, market activity determines it.
A supplier might decide to raise their supply in response to rising demand, for instance.
The choices of suppliers are influenced by a variety of circumstances. The price of the in question product, the number of producers, the cost of inputs, technological improvements, the price of substitute products, and unpredictable events like the weather are among these variables.
A given good or service's supply is said to have changed when its producers or output of its suppliers change. A shift in supply could result from new technology, such as less expensive or more effective production techniques, or from an increase or decrease in the number of competitors in the market.
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