-In the Above Figure,the Shift in the Supply Curve from S

question 31

Multiple Choice

-In the above figure,the shift in the supply curve from S to S₁ reflects

• A)a decrease in the quantity of pizza supplied.
• B)a decrease in the supply of pizza.
• C)an increase in the supply of pizza.
• D)an increase in the quantity of pizza supplied.
• E)None of the above answers is correct.

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Definitions:

Marginal Product

The supplementary yield achieved by the utilization of one additional unit of a variable factor, with all other resources remaining fixed.

Fixed Cost

Costs that do not vary with the level of production or sales, such as rent or salaries, over a relevant period.

Variable Cost

Refers to expenses that vary directly with the level of production or output, such as raw materials and labor costs.

Total Cost

The full price of manufacturing that incorporates both stable and changing expenses.