A Decrease in Supply Is Caused By

question 159

Multiple Choice

A decrease in supply is caused by:

• A) a decrease in resource prices.
• B) an increase in the number of sellers in the market.
• C) suppliers' expectations of higher prices in the future.
• D) an advancement in the technology for producing the good.

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Definitions:

Giffen Good

A product that people consume more of as the price rises and vice versa, violating the basic law of demand in economics.

Equally Happy

A state or condition where individuals have the same level of happiness or satisfaction, often considered in discussions of equity and fairness.

Labeled Points

In data science and statistics, points in a dataset that have been tagged with additional information or categories for analysis.

Interest Rate

The percentage at which interest is charged or paid for the use of money, usually expressed as an annual percentage rate.