Lead Is an Important Input in the Production of Crystal

question 6

Multiple Choice

Lead is an important input in the production of crystal.If the price of lead decreases,then we would expect the supply of

• A)crystal to be unaffected.
• B)crystal to decrease.
• C)crystal to increase.
• D)lead to increase.

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Definitions:

Long-Run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied over a long period, accounting for adjustments in all factors of production.

Short-Run Supply Curve

A graphical representation showing the relationship between the price of a good and the amount that producers are willing to supply, over a short period.

Output

The quantity of goods or services produced by a firm, industry, or economy in a given time period.

Average Variable Cost

The total variable costs divided by the quantity of output produced, indicating the variable cost of producing each unit.