Suppose a Decrease in the Supply of Wheat Results in an Increase

question 71

Multiple Choice

Suppose a decrease in the supply of wheat results in an increase in revenue.This indicates that

• A) the decrease in quantity sold is proportionately larger than the resulting change in price.
• B) the resulting increase in price is proportionately greater than the decrease in quantity sold.
• C) the demand curve for wheat must be vertical.
• D) the supply curve for wheat must be vertical.

---

Definitions:

Decision-Maker

An individual or group responsible for making decisions, especially those affecting business, policy, or legal outcomes.

Misconduct

Improper or unlawful behavior by an individual, particularly in a professional or official capacity.

Law Society Panel

A group of legal professionals within a law society who are responsible for various regulatory and administrational functions.

Incarceration

The state of being imprisoned or confined in a jail or prison as a form of punishment following a conviction for a crime.