When Quantity Supplied Decreases at Every Possible Price,we Know That

question 77

Multiple Choice

When quantity supplied decreases at every possible price,we know that the supply curve has

• A)shifted to the left.
• B)shifted to the right.
• C)not shifted;rather,we have moved along the supply curve to a new point on the same curve.
• D)not shifted;rather,the supply curve has become flatter.

---

Definitions:

Efficient

The optimal allocation of resources in a manner that maximizes output or outcomes without wasting any resources.

Social Goods

Goods that benefit all members of society and are often provided by the government, such as public parks and national defense.

Collective Benefits

Advantages or positive outcomes that are shared by a group, community, or society from actions or policies, rather than by an individual alone.

Market Failure

Occurs when the allocation of goods and services by a free market is not efficient, often due to reasons like externalities, lack of public goods, or monopolies.