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A decrease in supply is caused by a. an increase in prices of goods that are substitutes in production. b. suppliers' expectations of lower prices in the future c an advancement in

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A decrease in supply is caused by a.
an increase in prices of goods that
are substitutes in production. b.
suppliers' expectations of lower prices
in the future. c. an advancement in
the technology for producing the
good. d. an increase in the number
of producers. e. a decrease in input
prices.

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