If the Supply of a Product Increases, Then We Would

question 128

Multiple Choice

If the supply of a product increases, then we would expect equilibrium price

• A)to increase and equilibrium quantity to decrease.
• B)to decrease and equilibrium quantity to increase.
• C)and equilibrium quantity to both increase.
• D)and equilibrium quantity to both decrease.

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Definitions:

Quality

Pertains to the degree to which products, services, or processes meet predetermined standards and satisfy customer expectations.

Inputs

Resources that are used to produce goods or services, including time, labor, capital, and materials.

Available Resources

Assets, both tangible and intangible, that are available to an individual or organization for use in the production of goods or provision of services.

Organizational Setting

The context or environment in which an organization operates, including its culture, structure, and external influences.