What Is the Effect of a Decrease in the Supply

question 127

Multiple Choice

What is the effect of a decrease in the supply of a product?

• A) It will cause an increase in both the price and the quantity traded.
• B) It will cause an increase in the price but a decrease in the quantity traded.
• C) It will cause a decrease in both the price and in the quantity traded.
• D) It will cause a decrease in the price but an increase in the quantity traded.

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Definitions:

Culture

The social behavior, norms, knowledge, beliefs, arts, laws, and customs of a group of people or society.

Cultural Diversification

The process by which a society becomes more varied in terms of cultural beliefs, practices, and expressions.

Latino Music

A diverse range of musical styles and genres originating from or influenced by Latin American culture.

Ethnic Food

Foods and culinary practices that are specific to a particular culture or ethnic group.