The Supply for Some Good or Service Will Decrease If

question 162

Multiple Choice

The supply for some good or service will decrease if

• A)technology improves.
• B)the prices of inputs fall.
• C)the prices of inputs increase.
• D)technology improves and the price of inputs falls.
• E)more suppliers enter the industry.

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Definitions:

Lean Production

A manufacturing methodology that focuses on reducing waste and improving efficiency to create more value for customers with fewer resources.

New Technologies

Current and emerging technological advancements that have the potential to significantly alter industries, economies, and lifestyles.

Streamline Systems

The process of simplifying operations and procedures to improve efficiency and reduce unnecessary steps or costs.

Total Quality Management

A comprehensive approach to long-term success through customer satisfaction, emphasizing continuous improvement of processes and products.