If businesses offer a lower quantity supplied than previously at every possible price,the result is a(n):

Question

Quizplus · Accepted Answer

If businesses offer a lower quantity supplied than previously at every possible price, this means that there has been a decrease in supply. This could be due to a variety of reasons such as increased costs of production, shortage of raw materials, or a shift in production focus. As a result, the supply curve shifts to the left, leading to a decrease in the equilibrium quantity and an increase in the equilibrium price. This is known as a decrease in supply.

If Businesses Offer a Lower Quantity Supplied Than Previously at Every