By Itself, an Increase in the Number of Suppliers in a Market

question 392

Multiple Choice

By itself, an increase in the number of suppliers in a market results in a

• A) leftward shift in the supply curve.
• B) rightward shift in the supply curve.
• C) movement down along the supply curve.
• D) Both answers A and C are correct.

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Definitions:

Journal Entry

A record in accounting that documents a business transaction and its effect on various accounts, used to keep track of financial events by debits and credits.

Residual Value

The estimated amount that an asset will realize upon its sale at the end of its useful life.

Retrospective Restatement

The process of revising previously issued financial statements to correct errors or to adjust for changes in accounting policies.