Figure 3-2
-Refer to Figure 3-2.A decrease in the number of firms in the market would be represented by a movement from

Name: Figure 3-2 -Refer to Figure 3-2.A decrease in the number of firms in the market would be represented by a movement from
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Question

Figure 3-2 
-Refer to Figure 3-2.A decrease in the number of firms in the market would be represented by a movement from

Quizplus · Accepted Answer

A decrease in the number of firms in the market would result in a shift of the supply curve to the left, from S₂ to S₁. This is because with fewer firms in the market, there would be less supply available at each price level.

Figure 3-2 -Refer to Figure 3-2.A Decrease in the Number of Firms