In Order to Increase the Supply of a Good, Producers

question 344

Multiple Choice

In order to increase the supply of a good, producers must

• A) convince consumers to reduce the quantity demanded.
• B) see an increase in quantity supplied by competitors.
• C) reduce their per-unit costs of producing the good.
• D) cut back on labor to reduce production costs.

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Definitions:

Percent Frequency Distribution

A tabular summary of data showing the percentage of observations in each of several nonoverlapping classes.

Bar Chart

A graphical device for depicting categorical data that have been summarized in a frequency, relative frequency, or percent frequency distribution.

Pie Chart

A graphical device for presenting data summaries based on subdivision of a circle into sectors that correspond to the relative frequency for each class.

Sick Leave

Authorized absence from work due to illness.