Figure 3-3 Shows Shifts in the Supply Curve of a Good

question 96

Multiple Choice

Figure 3-3 shows shifts in the supply curve of a good. A change from Point A to Point C represents a(n) :Figure 3-3

• A)increase in the supply of the good.
• B)decrease in the supply of the good.
• C)increase in the quantity supplied of the good.
• D)decrease in the quantity supplied of the good.
• E)increase in the price of the good.

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Definitions:

Shortage

A situation where the demand for a product or service exceeds its supply in a market.

Quantity Supplied

The amount of a good or service that producers are willing to sell at a given price over a specific period.

Inventories

Quantities of goods or materials on hand or in the process of being produced for sale.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that producers are willing to supply.