A(n) ________ Will Shift the Short-Run Industry Supply Curve of a Perfectly

question 345

Multiple Choice

A(n) ________ will shift the short-run industry supply curve of a perfectly competitive industry.

• A) increase in the price of an input
• B) increase in the income of consumers
• C) increase in the price of the product
• D) increase in the demand for the product

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Definitions:

Trade Discounts

A reduction in the listed price of a product or service, offered by sellers to buyers in the commercial market.

Sales Tax

A government-imposed tax on the sale of goods and services, which is typically a percentage of the sales price paid by the consumer.

Sales Account

An account in a company's financial records that tracks the revenue generated from goods and services sold.

Sales Discount

A reduction in the price of goods or services offered to customers, usually to encourage prompt payment.