Any Factor That Shifts the Supply Curve Inward and to the Left

question 197

True/False

Any factor that shifts the supply curve inward and to the left and does not affect the demand curve will raise the equilibrium price and reduce the equilibrium quantity.

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Definitions:

Gratuitous

Referring to something given without expecting anything in return, often related to acts of kindness or voluntary transactions without compensation.

Preexisting Duty

A legal concept indicating that if someone is already legally obligated to perform a certain action, that action cannot be used as consideration for a new contract.

Consideration

The value (such as money, goods, or services) that is given in exchange for a contractual promise or action.

Consideration

The value, such as money, promised, given, or done that induces a party to enter into a contract.