When an Industry's Raw Material Costs Increase, Other Things Remaining

question 124

Multiple Choice

When an industry's raw material costs increase, other things remaining the same,

• A) the supply curve shifts to the left.
• B) the supply curve shifts to the right.
• C) output increases regardless of the market price and the supply curve shifts upward.
• D) output decreases and the market price also decreases.

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Definitions:

Franciscans

A religious order within the Catholic Church founded by St. Francis of Assisi in the 13th century, known for their commitment to poverty and living a simple lifestyle.

Jesuits

Members of the Society of Jesus, a Roman Catholic religious order founded in 1540 by Ignatius of Loyola, focused on education, missionary work, and theological scholarship.

Indian Customs

Traditional practices, rituals, and norms observed within Indian culture.

Virginia Company

An English joint-stock company chartered by King James I in 1606 to establish settlements in North America, notably founding Jamestown.