Which of the following factors will lead to a decrease in the current supply of a good?
A. A fall in the current price of a good or service
B. A decrease in the price of inputs to the production process
C. A technological advance that decreases production costs
D. A belief that the price of a good or service will go up in the future
Answer: D
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Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206Suppose Smith and Jones begin by producing 0 computers and 220 calculators per hour. If they wish to produce 2 computers and 200 calculators per hour efficiently, then Smith should spend ________, and Jones should spend ________.
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