In what scenario would a supply curve shift to the left?

A shift of the supply curve to the left occurs when there is a decrease in the quantity of a good or service that suppliers are willing to produce at any given price. This typically happens when there are increased supply costs, such as rises in the prices of raw materials, labor, or other inputs required for production. When suppliers face higher costs, they may produce less of the good or service at the same pricing level, leading to a leftward shift in the supply curve.

In contrast, other scenarios presented would not lead to a leftward shift. A decrease in consumer demand might cause the supply curve to remain in place or shift right if suppliers adjust production downwards to match lower demand. A technological advancement generally leads to reduced production costs, which could shift the supply curve to the right, as producers are able to supply more at lower costs. Lastly, an increase in market competition could also lead to a rightward shift by urging suppliers to lower prices or improve efficiency. Thus, the only scenario that directly results in a leftward shift in the supply curve is an increase in supply costs.