Sugar Cane Can Be Used to Produce Sugar as Well

question 145

Multiple Choice

Sugar cane can be used to produce sugar as well as the fuel ethanol for automobiles. Falling oil prices will cause a(n) ________ in the supply of sugar, resulting in ______ candy prices.

• A) decrease; lower
• B) decrease; higher
• C) increase; lower
• D) increase; higher

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Definitions:

Well-Established Firms

Well-Established Firms refers to companies that have been in the market for a long period, gaining significant market share, reputation, and customer base.

Productive Efficiency

A situation where a good or service is produced at the lowest possible cost.

Technological Advance

Technological advance refers to the progression and innovation in technology that often leads to improved efficiency, production capabilities, and new product developments.

Preferred Mix

The optimal combination of goods and services an economy should produce, taking into account consumer preferences, resource availability, and socio-economic objectives.