1 - When the selling price of a good goes up, what is the relationship to the quantity supplied?
a - The cost of production will go down.
b - The profit made on each item goes down.
c - It becomes partical to produce more goods.
d - There is no relationship between quantity supplied and price.
2 - The factor that has the greatest influence on elasticity and inelasticity of supply is:
a - profit.
b - time.
c - labor.
d - financing.
3 - Some industries and companies have added fixed costs because of government:
a - interest groups.
b - subsidies.
c - regulation.
d - de-regulation.
Thank you!
Answer:
1.c
2.b
3c
C A C
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