If the Price of an Input Decreases, Each Individual Firmʹs

question 215

Multiple Choice

If the price of an input decreases, each individual firmʹs marginal cost curve shifts ________ and the industry supply curve ________.

• A) downward; shifts to the left
• B) downward; shifts to the right
• C) up; does not change
• D) up; shifts to the left

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Definitions:

Supplement

A product taken orally that contains one or more ingredients (such as vitamins or amino acids) that are intended to supplement one's diet and are not considered food.

Unsaturated Fatty Acids

Fatty acids that contain one or more double bonds between carbon atoms, which can be healthier than saturated fats and found in oils from vegetables, nuts, and fish.

Monounsaturated Fats

A type of healthy fat found in various oils and nuts that can help to lower bad cholesterol levels.

Cholesterol

A waxy, fat-like substance found in all cells of the body, necessary for making hormones, vitamin D, and substances that help digest foods.