Asked by
Monica Pantaleon
on Oct 09, 2024Verified
If producers must obtain higher prices than before to produce a given level of output,then the following has occurred:
A) A decrease in demand.
B) An increase in demand.
C) A decrease in supply.
D) An increase in supply.
Decrease In Supply
A condition where less of a good or service is available than before, at a given price, usually due to changes in production costs, technology, or seller expectations.
Higher Prices
denotes an increase in the cost required to purchase goods or services, often due to factors like inflation, increased demand, or higher production costs.
Given Level
A specific, predefined stage or condition used as a reference point.
- Describe the influence that anticipations of future price adjustments and variations in production expenditures have on supply.
Verified Answer
AV
Learning Objectives
- Describe the influence that anticipations of future price adjustments and variations in production expenditures have on supply.