Other Things Equal,if the Price of a Key Resource Used

question 112

Multiple Choice

Other things equal,if the price of a key resource used to produce product X falls,the:

• A) product supply curve of X will shift to the right.
• B) product demand curve of X will shift to the right.
• C) product supply curve of X will shift to the left.
• D) product supply curve of X will not shift.

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Definitions:

Operating

Pertains to the day-to-day running or functioning of businesses, systems, or machines.

Output

The quantity of goods or services produced in a given period by a firm, industry, or country.

Monopolies

Market situations where a single supplier dominates the supply of a particular good or service, limiting competition and potentially leading to higher prices and reduced innovation.

Entire Industry Supply

The total quantity of a specific good or service that is available to consumers from all producers in a particular industry.