When economists say the supply of a product has decreased, they mean that
a. the supply curve has shifted to the left.
b. the product price has decreased, and as a consequence, suppliers are producing less of the product.
c. producers are now willing to sell more of this product at each possible price.
d. the supply curve has shifted to the right.
A
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Optimal decisions are made at the point where marginal benefit is maximized
Indicate whether the statement is true or false
Exhibit 4-2 Supply and demand curves
Beginning from an equilibrium at point E1 in Exhibit 4-2, an increase in demand for good X, other things being equal, would move the equilibrium point to:
A. E1, no change. B. E2. C. E3. D. E4.
Government certification of the weights and measures used in business can be justified on the grounds that
What will be an ideal response?
When a program is means-tested, it means that
A. It is a social insurance program. B. The target efficiency is high. C. It is an in-kind program. D. To be eligible, the recipient must have little income.