Which of the Following Will Shift the Short-Run Industry Supply

question 344

Multiple Choice

Which of the following will shift the short-run industry supply curve of a perfectly competitive industry?

• A) a decrease in the price of an input
• B) an increase in consumer income
• C) an increase in the price of the product
• D) an increase in demand for the product

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Definitions:

Dualistic Thinking

This is a cognitive tendency to see situations and issues in black and white, often characterizing options as just right or wrong with no middle ground.

Evolution

The process by which different kinds of living organisms have developed and diversified from earlier forms during the history of the earth.

Creationism

The belief that the universe and life originated from specific acts of divine creation, as opposed to the scientific conclusion that they came about through natural processes.

Executive Functions

Cognitive processes that regulate an individual's ability to organize thoughts and activities, prioritize tasks, manage time efficiently, and make decisions.