In General, When the Supply Curve Shifts to the Left

question 76

Multiple Choice

In general, when the supply curve shifts to the left and demand is constant then:

• A)the market cannot reestablish an equilibrium.
• B)the equilibrium price will fall.
• C)the equilibrium quantity will rise.
• D)the equilibrium price will rise.

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Definitions:

Existing Buyers

Consumers or businesses that have previously purchased goods or services from a company.

Line Segment

A portion of a line that is defined by two endpoints.

Buyers' Value

The maximum amount a buyer is willing to pay for a good or service.

Price Comparison

The process of analyzing and evaluating the prices of similar goods or services across different suppliers or stores.