If the Price of a Good Is Low

question 33

Multiple Choice

If the price of a good is low,

• A)firms would increase profit by increasing output.
• B)the quantity supplied of the good could be zero.
• C)the supply curve for the good will shift to the left.
• D)firms can and should raise the price of the product.

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Definitions:

Information Technology

Refers to the use, development, and management of computer systems, software, and networks for the processing and distribution of data.

Exchange of Money

The process of transferring currency between parties as payment for goods or services.

Service Workers

Individuals employed in the service sector, providing intangible goods and services to consumers, such as healthcare, hospitality, and retail services.

Violence

The use of physical force or power, threatened or actual, against oneself, another person, or against a group or community, that either results in or has a high likelihood of resulting in injury, death, psychological harm, maldevelopment, or deprivation.