The Location of the Supply Curve of a Product Depends

question 193

Multiple Choice

The location of the supply curve of a product depends on:

• A)the technology used to produce it.
• B)the prices of resources used in its production.
• C)the number of sellers in the market.
• D)all of the above.

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Definitions:

Additional Costs

Expenses incurred beyond the initial purchase price or budgeted amounts, often unexpected or unplanned for.

Variable Costs

Expenses that change in proportion to the activity or volume of a business, such as materials and labor costs.

Labor

The work performed by individuals that contributes to the production of goods and services in an economy.

Variable Costs

Expenses that vary in direct proportion to the level of production or sales volume, such as materials and labor.