Figure 4-26
-Refer to Figure 4-26.Which of the following movements would illustrate the effect in the market for wedding cakes resulting from a decrease in the number of pastry chefs?

Question

Figure 4-26 
-Refer to Figure 4-26.Which of the following movements would illustrate the effect in the market for wedding cakes resulting from a decrease in the number of pastry chefs?

Quizplus · Accepted Answer

A decrease in the number of pastry chefs will shift the supply curve leftward, leading to a higher equilibrium price and a lower equilibrium quantity. This is illustrated by the movement from Point C to Point D.

Figure 4-26 -Refer to Figure 4-26.Which of the Following Movements Would Illustrate