Which of the Following Cause and Effect Events Are in Order

question 111

Multiple Choice

Which of the following cause and effect events are in order for a seller?

• A) an input price falls, profit falls, the supply curve shifts left
• B) an input price falls, profit rises, the supply curve shifts right
• C) an input price rises, profit falls, the supply curve shifts right
• D) an input price rises, profit rises, the supply curve shifts left

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Definitions:

Output Cost

The total expenses incurred in the production of goods or services, including both variable and fixed costs.

Average Cost

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

Equilibrium Population

It is the size of a population at which the number of births equals the number of deaths, resulting in a stable population level over time.

Production Function

An equation that describes the maximum output achievable with a given set of inputs or resources.