A Shift in Supply Is Defined as a Change in

question 162

Multiple Choice

A shift in supply is defined as a change in

• A) Price.
• B) Quantity supplied because of a change in price.
• C) Equilibrium quantity.
• D) Supply because of a change in a determinant of supply.

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Definitions:

Marginal Satisfaction

The change in satisfaction or utility that a consumer experiences from consuming an additional unit of a good or service.

Utility-Maximizing

The economic principle that consumers choose combinations of goods and services to maximize their satisfaction or utility under budget constraints.

Economic Theory

A set of principles and models that explain how economic agents interact and how economies function.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good that consumers are willing and able to purchase at various prices.