Which of the Following Results in an Increase in the Supply

question 70

Multiple Choice

Which of the following results in an increase in the supply of a good or service?

• A)an increase in foreign imports of the good or service
• B)higher taxes imposed upon producers of the good or service
• C)a fall in the price of the good or service
• D)a smaller number of sellers producing the good or service
• E)a rise in the price of the good or service

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Definitions:

Income Statement

A financial statement showing a company's revenue and expenses, indicating the net profit or loss over a specific period.

Fixed Manufacturing Overhead

Costs associated with manufacturing that do not vary with the level of production, such as salaries of managers and depreciation of equipment.

Direct Labor

The cost associated with employees who directly contribute to the manufacturing or production of goods, redefined as the labor directly tied to the creation of a product.

Raw Material

The basic materials and substances that are used in the production of goods, typically transformed through manufacturing processes.