In Which Statement Is the Term "Supply" Used Correctly? (1)An

question 102

Multiple Choice

In which statement is the term "supply" used correctly? (1) An increase in the price of leather will lead to a decrease in the supply of leather.(2) An increase in the price of leather will lead to a decrease in the supply of leather boots.

• A)the second statement only
• B)neither statement
• C)the first statement only
• D)both statements
• E)not enough information to tell

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Definitions:

Taxed

Subjected to a financial charge or levy by a governmental organization in order to fund various public expenditures.

Partnership

A business arrangement recognized by law involving two or more partners who collectively oversee the business and divide its profits.

Cooperatives

Organizations owned and operated by a group of individuals for their mutual benefit, where profits and decision-making are shared among members.

Incorporated

A business that has been formed into a legal corporation, providing its owners with limited liability.