Asked by Joshua Reavis on May 02, 2024
Verified
Which factor will raise the price of milk?
A) a shift to the right of the supply curve for milk
B) a shift to the right of the demand curve for milk
C) an increase in the number of milk suppliers
D) a decrease in the number of milk buyers
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to sell, holding other factors constant.
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded, typically downward sloping.
Milk Suppliers
Entities involved in the production and distribution of milk and milk-related products to consumers and businesses.
- Acknowledge the determinants affecting changes in supply and demand graphs.
Verified Answer
Learning Objectives
- Acknowledge the determinants affecting changes in supply and demand graphs.
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