Which One of the Following Would Cause a Leftward Shift

question 110

Multiple Choice

Which one of the following would cause a leftward shift in the supply curve for car washes?

• A)an increase in the number of cars on the street
• B)an increase in the price of car washing equipment
• C)a decrease in youth unemployment
• D)a decrease in the price of water

Recognize the significance of zero economic profits and what it implies about a firm’s performance relative to its alternatives.

Understand the conditions under which firms will enter or exit an industry based on economic profits.

Determine the effects of variable resource additions to fixed resources on production and cost.

Analyze the relationship between total product, marginal product, and average product in the context of production.

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Definitions:

Quasi-Contract

An obligation imposed by the law to avoid injustice, even though no true contract exists between the parties.

Duty to Mitigate Damages

The legal principle requiring a party suffering loss as a result of a breach of contract to take reasonable action to minimize the financial harm.

Breach of Contract

A violation of any of the agreed-upon terms and conditions of a legal contract.

Punitive Damages

Monetary compensation awarded to an injured party that goes beyond what is necessary to compensate for losses and is intended to punish the wrongdoer.