Which of the Following Would Most Likely Increase the Supply

question 71

Multiple Choice

Which of the following would most likely increase the supply of college textbooks?

• A)five major publishers go out of business
• B)paper costs double
• C)the wage rate of printers increases
• D)producers expect the price to rise in the future
• E)technology of book production improves

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Definitions:

Marginal Product

The additional output resulting from the use of one more unit of a production input, holding all other inputs constant.

Production Function

An economic model that describes the relationship between the inputs a firm uses and the output it creates.

Competitive

Relates to a market situation where multiple sellers are trying to appeal to the same customers, often leading to innovation and better prices.

Labor Market

An economic marketplace that matches potential employers with employees based on their skills, job requirements, and wage expectations.