A Leftward Shift in the Supply Curve Indicates

question 93

Multiple Choice

A leftward shift in the supply curve indicates

• A)a decrease in the quantity supplied at each price.
• B)that an increase in income results in an increase in the quantity demanded at each price.
• C)that more is demanded at each price.
• D)an increase in the quantity supplied at each price.
• E)that more suppliers have entered the industry.

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Definitions:

Finished Goods

The final products that are completed and ready for sale to customers.

Job-Order Costing

An accounting methodology used to assign manufacturing costs to individual units or batches of production, based on the jobs performed.

Predetermined Overhead Rate

A rate calculated before a period begins, used to allocate manufacturing overhead costs to products.

Machine-Hours

A measure of production time, referring to the total number of hours machines are operated during a specific period.