If the Number of Sellers Decreases,then the Supply Curve ________

question 113

Multiple Choice

If the number of sellers decreases,then the supply curve ________ and the supply ________.

• A) shifts rightward; increases
• B) shifts rightward; decreases
• C) shifts leftward; increases
• D) shifts leftward; decreases
• E) does not shift; does not change, but there is a decrease in the quantity supplied

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Definitions:

Selling and Administrative Expenses

Costs related to selling a product and managing a business, excluding direct production costs.

Standard Cost

A predetermined cost of manufacturing, selling, or any business operation, which is used for budgeting and assessing performance.

Fixed Manufacturing Overhead

Refers to the consistent, non-variable costs associated with manufacturing a product, such as factory lease payments and salaries of permanent staff.

Direct Labor

The wages and other costs for labor that are directly involved in the manufacturing of a product or the provision of a service.