Select the Phrase That Correctly Completes the Following Statement

question 125

Multiple Choice

Select the phrase that correctly completes the following statement."An increase in input prices caused a decrease in the supply of baseballs.As a result ________."

• A)the price of baseballs increased and the demand for baseballs decreased
• B)the equilibrium quantity of baseballs increased
• C)the price of baseballs increased and the quantity demanded of baseballs decreased
• D)the price of baseballs increased. The higher price caused the supply of baseballs to increase

Identify conditions under which trade is advantageous.

Determine specialization and trade patterns based on comparative advantage.

Understand the historical context and significance of key events in ancient Mesopotamian history.

Recognize and describe the architectural and artistic innovations of ancient Mesopotamia.

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Definitions:

Opportunity Cost

The consequence in terms of lost benefits from not selecting the immediate next preferable option when making a choice.

Productivity

The measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs.

Terms of Trade

The ratio at which a country's exports are exchanged for imports, influencing the level of a country's economic health and prosperity.

World Price

The price at which a good is traded on the world market; determined by the world demand and world supply for the good.