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.

---

Definitions:

Long-run Supply Curve

A graphical representation of the quantities of goods and services that producers are willing to offer for sale at different prices in the long run, when all inputs can be varied.

Marginal Cost Curve

A graphical representation showing how the cost to produce one additional unit of a good changes as production volume changes.

Break-even Point

The point at which total costs and total revenues are equal, meaning a business or project is neither making a profit nor a loss.

Marginal Cost

The additional cost incurred from producing one more unit of a product or service, which can influence production decisions.