Which of the Following Results in an Increase in the Supply

question 227

Multiple Choice

Which of the following results in an increase in the supply of a good or service?

• A) a fall in the price of the good or service
• B) a smaller number of sellers producing the good or service
• C) an increase in foreign imports of the good or service
• D) higher taxes imposed upon producers of the good or service
• E) a rise in the price of the good or service

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Definitions:

Estimated Costs

Costs that are predicted or forecasted based on current information and experience, used for budgeting and planning purposes.

Installment Contract

A contract that requires payments to be made in regular intervals over a period in exchange for goods or services.

Net Realizable Value

The estimated selling price in the ordinary course of business minus the costs of completion, disposal, and transportation.

Repossessed

The act of taking back an asset, typically used when a borrower fails to make payments on a secured loan.