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.
Answer: A
You might also like to view...
Based on Table 3.1, which country or countries has an absolute advantage and a comparative advantage in shoes?
A) Mexico has an absolute and comparative advantage in shoes. B) The United States has an absolute and comparative advantage in shoes. C) The United States has a comparative advantage, and Mexico has an absolute advantage in shoes. D) Mexico has a comparative advantage, and the United States has an absolute advantage in shoes.
Suppose you have an hour before your next class starts. You can either read a book, get something to eat, or take a nap. The opportunity cost of getting something to eat is
a. the cost of what you eat b. the value of reading and sleeping c. the loss of value from not reading or sleeping d. the net benefit of sleeping for another hour e. impossible to determine because the most preferred alternative is not known