On the Supply Curve

question 11

Multiple Choice

On the supply curve:

• A)quantity goes on the horizontal axis and price goes on the vertical axis.
• B)quantity goes on the vertical axis and price goes on the horizontal axis.
• C)Both quantity and price go on the horizontal axis.
• D)It doesn't matter which axis price and quantity are placed on.

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Definitions:

Direct Labour Cost

The expense incurred for workers who are directly involved in the production of goods or services.

Manufacturing Costs

Costs directly associated with the production of goods, including materials, labor, and factory overhead.

Conversion Costs

The combined costs of direct labor and manufacturing overhead incurred to convert raw materials into finished products.

Downstream Costs

Expenses incurred after the manufacturing process, such as distribution and marketing.