When the supply curve shifts to the left, it means that producers are now willing to sell fewer units of a good or service at each price level. This indicates a decrease in supply.
Related terms
Shifts to the right: When the supply curve shifts to the right, it means that producers are now willing to sell more units of a good or service at each price level. This indicates an increase in supply.
Change in quantity supplied: Change in quantity supplied refers specifically to movement along a fixed supply curve due to a change in price.
Factors affecting supply: Factors such as input prices, technology, government regulations, and expectations can cause changes in overall supply. These factors determine whether the entire supply curve will shift.