If the Cost of Producing a Good or Service Increases,the

question 10

Multiple Choice

If the cost of producing a good or service increases,the supply curve will shift to the _____ and the price will _____.

• A)right;fall
• B)right;rise
• C)left;fall
• D)left;rise

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Definitions:

Agency Coupled With An Interest

An irrevocable agency agreement in which the agent is given an interest in the subject matter of the agency. Also called irrevocable agency.

Principal

The original sum of money borrowed in a loan, or the amount of the investment, not including the interest or profits.

Agency Relationship

A legal bond where one party, the agent, acts on behalf of another, the principal, in dealings with third parties.

Financial Year End

Financial year end is the completion of a one-year, or 12-month, accounting period; the date when companies must finalize their financial statements and report their financial performance.