In the short run,a decrease in supply

A) means an upward movement along a given supply curve.
B) can only occur if market price falls.
C) may be caused by an increase in resource costs.
D) always occurs if the incomes of buyers fall sharply.

Supply Curve

A graphical representation of the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing to offer for sale at each price level.

Resource Costs

The monetary valuation of the resources consumed or used in the production of goods and services, including raw materials, labor, and overhead.

Market Price

The present cost for purchasing or selling a product or service in a market.