Which of the following is a correct statement about an increase in supply?

Question

Quizplus · Accepted Answer

An increase in supply means that more of the product is being produced and offered for sale, which results in an increase in the quantity supplied at each price. Therefore, choice A is the correct statement. The other choices are incorrect; a leftward shift in the supply curve (choice B) would indicate a decrease in supply, a decrease in the quantity supplied would indicate a decrease in supply (choice C), and a rightward shift in an existing supply curve (choice D) would indicate an increase in supply.

Which of the Following Is a Correct Statement About an Increase