Which statement accurately reflects a decrease in supply?

A decrease in supply is represented by a leftward shift of the supply curve on a graph, reflecting that suppliers are willing and able to sell less of a good or service at any given price. This shift can occur due to various factors, such as increased production costs, reduced number of suppliers, or adverse conditions affecting production, leading to a contraction in the available quantity of goods in the market.

The concept of supply hinges on the relationship between price and quantity supplied; when supply decreases, the market reacts by adjusting quantities available at different price levels, hence the curve shifts to the left. This graphical representation is fundamental in economics, as it visually captures changes in market dynamics.