The Table Given Below Represents the Supply Schedules of the Only

question 73

Multiple Choice

The table given below represents the supply schedules of the only three DVD producers in the market for DVDs. Table 3.2
According to Table 3.2, if the supply schedules 1, 2, and 3 are the market supply schedules for DVDs in three different time periods, what could explain the change from the Supply 1 schedule to the Supply 2 schedule?

• A)A decrease in the price of DVDs
• B)A decrease in the cost of DVD players
• C)A change in consumer preferences
• D)A change in the average income of consumers
• E)An increase in the cost of producing DVDs

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Definitions:

Quantity Supplied

The aggregate quantity of a product or service that suppliers are prepared and capable of offering for sale at a certain price during a defined timeframe.

Price Decrease

A reduction in the cost of a good or service that can result from various factors such as increased supply or decreased demand.

Supply

The complete quantity of a product or service that can be bought at a specific price point.

Supply Schedule

A table or graph showing the quantity of a good or service that producers are willing and able to supply at various prices.