Asked by Squid Neutral on Jul 13, 2024
Verified
Refer to Figure 3.10. A decrease in supply is represented by the movement from
A) S2 to S3.
B) S2 to S1.
C) Point B to Point A along supply curve S2.
D) Point B to Point C along supply curve S2.
Supply Curve
a graphical representation showing the relationship between the price of a good and the quantity supplied.
Decrease in Supply
A downward shift in the supply curve, representing a reduction in the quantity of a good or service available at any given price.
- Understand the relationship between price changes and movements along the supply curve.
Verified Answer
DS
Davis stanleyJul 15, 2024
Final Answer :
B
Explanation :
A decrease in supply is represented by a leftward shift of the supply curve, which is from S2 to S1.
Learning Objectives
- Understand the relationship between price changes and movements along the supply curve.