An Increase in Demand Causes an Increase in Quantity Supplied

question 103

True/False

An increase in demand causes an increase in quantity supplied, which causes a decrease in price.

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Definitions:

Machining Process

A manufacturing process involving the shaping of metal or other materials by cutting, boring, grinding, or other forms of deformation.

Manual Polishing

A finishing process involving the physical smoothing or enhancing of an item's surface by hand, without automated machinery.

Labour Hours

The total amount of working time expended by employees in the production of goods or services, measured in hours.

Economic Profit Maximising

The process of adjusting the production and sale of goods and services to achieve the highest possible economic profit.