In Which Statement(s) Are "Supply" and "Quantity Supplied" Used Correctly

question 223

Multiple Choice

In which statement(s) are "supply" and "quantity supplied" used correctly? (I) "An increase in the price of toasters will increase the quantity supplied of toasters."
(II) "A technological advance that lowers the cost of producing toasters will increase the supply of toasters."

• A) in both statements I and II
• B) in statement I only
• C) in statement II only
• D) in neither statements I nor II

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Definitions:

Self-Esteem

A person's overall subjective sense of personal worth or value, encompassing beliefs about oneself as well as emotional states.

William James

A pioneering American psychologist and philosopher recognized for his significant contributions to psychology and the philosophy of pragmatism.

Expands

To increase in size, volume, quantity, or scope.

Accommodate

To make suitable or compatible adjustments or modifications to something or someone to fit a particular situation or need.