The demand and supply curves shown below apply to a competitive market for a factor used in the production of widgets. 
FIGURE 13-2
-Refer to Figure 13-2.This factor market is initially in equilibrium at point B,but changes occur that cause the equilibrium to shift to point D (S curve shifts left) .At the new equilibrium,total factor earnings ________ compared to the initial equilibrium.
Definitions:
Previous Year's Budget
The financial plan containing income and expenditure for the prior year, used as a reference or benchmark for current financial planning.
Forecasting
The process of predicting future events, trends, and behaviors based on historical data and analysis.
Objective Setting
The process of establishing specific, measurable, attainable, relevant, and time-bound (SMART) goals for an organization or individual.
Planning
The process of outlining organizational goals, strategies, and actions necessary to achieve those goals.
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