What Is the Usual Response of Firm to an Increase

question 64

Multiple Choice

What is the usual response of firm to an increase in the price of what they sell?

• A)An increase in output.
• B)An increase in hiring factors of production.
• C)An increase in the profit level of the firm.
• D)An increase in employment at the firm.
• E)All of the above.

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Definitions:

Conditional Sales Contract

A type of contract in which the sale itself is contingent on approval; can be either a sale-on-approval contract or a sale-or-return contract.

Certified Appraiser

A professional designation for an individual qualified to assess the value of real property and personal property.

Masterpiece Sculptures

Exceptionally high-quality sculptures that are widely recognized for their artistic, historic, or cultural significance.

Simple Delivery Contract

A contract that is fulfilled by the straightforward delivery of a product or service without the need for complicated procedures or requirements.