The Supply for Some Good or Service Will Decrease If

question 162

Multiple Choice

The supply for some good or service will decrease if

• A)technology improves.
• B)the prices of inputs fall.
• C)the prices of inputs increase.
• D)technology improves and the price of inputs falls.
• E)more suppliers enter the industry.

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Definitions:

Opportunity Cost

Choosing one path results in the loss of potential benefits that could have been gained from other paths.

German Car

Refers to automobiles manufactured in Germany, known for their engineering, performance, and quality.

Specialization

The process of focusing resources on the production of specific goods or services to increase efficiency and output.

Household Production

The creation of goods and services by individuals or families for their personal use, as opposed to goods and services produced for sale or exchange.