A Leftward Shift in the Supply Curve of Product X

question 268

Multiple Choice

A leftward shift in the supply curve of product X will increase equilibrium price to a greater extent the

• A)more elastic the supply curve.
• B)larger the elasticity of demand coefficient.
• C)more elastic the demand for the product.
• D)more inelastic the demand for the product.

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Definitions:

Market Demand

The aggregate amount of a product or service that every consumer in a market is prepared and capable of buying at different price levels.

Long-Run Equilibrium

A state in which market supply equals market demand and all firms in a perfectly competitive market earn zero economic profits.

Elastic Demand

A situation in which demand for a product or service is sensitive to price changes, meaning a small change in price can lead to a significant change in quantity demanded.

Revenue Generation

The process of creating income for a business or organization through various means such as sales, services, or investments.