A Decrease in Supply of Good X Means

question 260

Multiple Choice

A decrease in supply of good X means:

• A)a shift to the left of the entire supply curve for good X.
• B)a movement down the supply curve as prices of good X go down.
• C)that less of good X will be demanded at every price.
• D)that more of good X will be supplied at every price.

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Definitions:

Personal Moral Philosophy

An individual’s set of beliefs, principles, and values concerning what is right and wrong, shaping ethical behavior and decisions.

Golden Rule

A principle of treating others as one would want to be treated oneself.

Universal Rights

Universal rights are fundamental rights and freedoms that are considered to be entitled to all humans regardless of nationality, gender, ethnic origin, religion, or any other status.

Greatest Good

A principle often associated with utilitarianism, which suggests that actions should be judged as morally right if they contribute to the highest good or happiness for the greatest number of people.