A Decrease in Supply

question 97

Multiple Choice

A decrease in supply

• A)has the same meaning as "a decrease in quantity supplied."
• B)refers to a drop in the quantity actually exchanged.
• C)is likely to result from a decrease in the price of a factor of production.
• D)refers to a leftward shift in the supply curve.
• E)refers to a downward movement along a supply curve.

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Definitions:

Compensatory Damages

Monetary compensation awarded to reimburse a plaintiff for actual losses suffered due to a defendant's wrongdoing.

Punitive Damages

Financial compensation awarded to a plaintiff to punish the defendant for egregious misconduct and deter future similar acts.

Mitigate Damages

A legal principle requiring a party suffering loss to take reasonable action to minimize the extent of the damage resulting from a breach of contract or tort.

Consequential Damages

Refers to damages that are not directly caused by a breach of contract but result from the particular circumstances of the plaintiff.