An Increase in the Number of Producers of Bird Seed

question 286

Multiple Choice

An increase in the number of producers of bird seed ________ the supply of bird seed and shifts the supply curve of bird seed ________.

• A) increases; rightward
• B) increases; leftward
• C) decreases; rightward
• D) decreases; leftward
• E) does not change; rightward

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Definitions:

Agency Law

The legal framework that regulates the relationship between agents who are authorized to act on behalf of principals, and the principals themselves, establishing duties and rights.

Sale Of Goods

The transaction between a buyer and a seller in which the ownership of physical products is transferred from the seller to the buyer for a price.

Capacity To Contract

The legal ability of a party to enter into binding contracts, typically requiring legal age and mental competency.

Agent

An agent is a person or entity authorized to act on behalf of another person or entity, known as the principal, in legal or business matters.