In the Short-Run an Increase in the Costs of Production

question 71

Multiple Choice

In the short-run an increase in the costs of production makes

• A)output and prices rise.
• B)output rise and prices fall.
• C)output fall and prices rise.
• D)output and prices fall.

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Definitions:

Monomorphic

Characterized by having a single shape or form, often used in the context of genes or polymorphism.

Reactance

A psychological response wherein individuals feel the need to regain freedom or control when they perceive it as being taken away.

Independence

The state or quality of being self-reliant and free from outside control, capable of making decisions and acting on one's own.

Anticonformity

Behavior that opposes or rejects social norms and standards, deviating from group expectations consciously.