An Increase in the Number of Firms Wanting to Provide

question 87

Multiple Choice

An increase in the number of firms wanting to provide accounting services will cause a ________ for accounting services.

• A)leftward shift in the supply curve
• B)rightward shift in the demand curve
• C)leftward shift in the demand curve
• D)rightward shift in the supply curve
• E)simultaneous shift of both the demand and supply curves

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Definitions:

Bliss Point

A term in psychology and economics indicating the optimal level of consumption where any further increase would lead to dissatisfaction.

Good Y

A symbolic representation often used in economics to denote a particular good or commodity in theoretical models and analyses.

Perfect Substitutes

Goods that can be used in place of each other with no loss of utility or preference by consumers.

Coke and Pepsi

Refers to a classic example of duopoly in economics, representing competition between two dominant firms in a market.