Suppose a New Law Requires All Piercing Studios to Pass

question 259

Multiple Choice

Suppose a new law requires all piercing studios to pass tougher licensing tests and to begin using more costly sterilization methods. Other things constant, this law would cause

• A) an increase in the supply of piercings and a lower price for piercings.
• B) an increase in the supply of piercings and a higher price for piercings.
• C) a decrease in the supply of piercings and a higher price for piercings.
• D) a decrease in the supply of piercings and a lower price for piercings.

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Definitions:

Supplier

An individual or company that provides goods or services to another company, often a crucial part of a supply chain.

Supplier Network

A system of organizations, people, activities, information, and resources involved in supplying a product or service to a consumer.

Supply Chain Customer Service

Support and services provided to the end-user focusing on efficient and effective supply chain management.

Logistics Cost

Expenses related to the process of planning, implementing, and controlling the efficient movement and storage of goods, services, and related information.