The "Law of Supply" States That, Other Things Remaining the Same

question 541

Multiple Choice

The "law of supply" states that, other things remaining the same, firms produce

• A) less of a good as the required resources become scarcer.
• B) more of a good the less it costs to produce it.
• C) more of a good the higher its price.
• D) less of a good the more it costs to produce it.

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Definitions:

Preconditions

Conditions or requirements that must exist or be met before a certain event can occur or a process can proceed.

Economic Elites

A group of people who possess a disproportionate amount of wealth and economic power in a society.

Middle Classes

A social group between the upper and working classes, characterized by moderate to high income levels, education, and professional occupations.

Constitutional Protections

Legal safeguards enshrined in a country's constitution, aimed at ensuring the rights and liberties of its citizens are protected against government infringement.