Suppose That a More Efficient Way to Produce a Good

question 155

Multiple Choice

Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. This will cause:

• A)​an increase in supply, or a rightward shift of the supply curve.
• B)​a decrease in supply, or a leftward shift of the supply curve.
• C)​an increase in quantity supplied, or a movement down the supply curve.
• D)​a decrease in quantity supplied, or a movement up the supply curve.

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Definitions:

Independent Agent

An individual or entity contracted to perform tasks or services for another entity while retaining control over their work methods.

Breach

The violation or non-fulfilment of a legal obligation, contract, or duty.

Fiduciary Duty

The responsibility to act in the best interests of another party, such as in financial matters or care, characterized by trust, reliance, and a duty of care.

Commission

A fee paid to an agent or employee for facilitating a sale or for performing a service.