Some Producers Are Chatting Over a Beer

question 72

Multiple Choice

Some producers are chatting over a beer. Which one of the following quotations refers to a leftward shift of the supply curve?

• A)"Wage increases have forced us to raise our prices."
• B)"Our new, sophisticated equipment will enable us to undercut our competitors."
• C)"Raw material prices have sky-rocketed; we will have to pass the cost on to our customers."
• D)"We anticipate a big increase in demand. Our product price should rise, so we are planning for an increase in output."
• E)Both A and C

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Definitions:

WAIS-III

The third edition of the Wechsler Adult Intelligence Scale, a widely used test designed to measure adult intelligence across various cognitive domains.

SATs

Standardized tests widely used for college admissions in the United States, assessing verbal, mathematical, and writing skills.

Grade Equivalent

A measure that describes a student's performance in terms of the grade level at which the average score is the same.