Which of the Following Would Cause a Decrease in Supply

question 60

Multiple Choice

Which of the following would cause a decrease in supply for good W?

• A)An increase in preferences for good W among consumers
• B)A technological advance in producing good W
• C)A price increase in a key input used to produce good W
• D)An increase in the income of consumers most likely to purchase good W

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Definitions:

Price

The amount of money or its equivalent required to purchase a good, service, or asset, acting as a reflection of its value.

Pizza Sellers

Businesses or individuals that sell pizza to consumers.

Hamburger Sellers

Businesses or individuals involved in the selling of hamburgers, often used as an example in economic models.

Total Revenues

The total income that a firm receives from the sale of its goods and services.