When the Price of a Product Rises, the Increase in Quantity

question 233

Multiple Choice

When the price of a product rises, the increase in quantity supplied will generally be greater in the long run than the short run because

• A) producers maximize short-run, not long-run, profits.
• B) over time, new firms will enter the industry and old firms will expand their operations in response to the price increase.
• C) consumers are less resistant to higher prices in the long run than in the short run because they have fewer options in the long run.
• D) consumer income will expand in the long run, causing resource prices to rise, which will induce producers to increase output.

Grasp the concept of immunological memory and how it underlies the body's ability to respond more rapidly and effectively to previously encountered pathogens.

Understand the basic components and functions of the immune system.

Identify the roles and differentiation processes of T and B lymphocytes in the immune response.

Describe the significance of the thymus and bone marrow in immune cell development.

---

Definitions:

Resource Consumption

The amount of resources used by a company or process, which could include materials, energy, or labor.

Idle Capacity

Unused production capability in a manufacturing process or facility.

Plantwide Overhead Rate

A single overhead rate calculated for an entire manufacturing plant, used to allocate indirect costs to products based on a common base such as labor hours or machine hours.

Activity-Based Costing

A cost accounting method that assigns costs to products or services based on the activities that go into producing them.