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If Supply Is Upward Sloping,an Increase in Demand,all Other Things

question 30

Multiple Choice

If supply is upward sloping,an increase in demand,all other things unchanged,will result in a(n) _____ in equilibrium price and a(n) _____ in equilibrium quantity.


Definitions:

Raw Materials Used

The total quantity and cost of raw materials employed in the production process during a specific period.

Direct Labour

The wages and expenses directly associated with the production of goods, representing labor that can be directly allocated to products.

Manufacturing Overhead

The indirect factory-related costs that are not directly tied to a specific product.

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