A Left Ward Shift in the Supply Curve Indicates

question 59

Multiple Choice

A left ward shift in the supply curve indicates

• A)a decrease in the quantity supplied at each price.
• B)that an increase in income results in an increase in the quantity demanded at each price.
• C)that more is demanded at each price.
• D)that more suppliers have entered the industry.
• E)an increase in the quantity supplied at each price.

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Definitions:

Slope

The measure of the steepness, incline, or grade of a straight line, reflecting the ratio of the vertical change to the horizontal change between two points on the line.

Y-Intercept

The point where a line crosses the Y-axis of a graph, indicating the value of the response variable when all predictor variables are zero.

Linear Regression Model

A statistical technique that establishes the link between a dependent variable and one or more independent variables by applying a linear equation to the data collected.

True Regression Line

In linear regression, the line that best describes the relationship between the independent and dependent variables across the entire population.