Which of the Following Is Most Likely to Shift the Supply

question 207

Multiple Choice

Which of the following is most likely to shift the supply of milk to the right?

• A)a tax on each gallon of milk produced
• B)an increase in household income, milk being a normal good
• C)a decrease in the price of feed given to dairy cows
• D)the bankruptcy of many small dairy farms

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Definitions:

Business Plan

A detailed document outlining the goals, strategies, financial projections, and operational framework for a new or existing business.

Business Planning Process

A formal strategy to set goals, determine the resources needed to achieve these goals, and outline the plan for executing the activities.

Budgets

Estimates of income and expenditure for a set period of time, serving as a financial plan for individuals or organizations.

Managerial Value

The value or impact that effective managerial decisions have on the overall success and valuation of a company.