Answered

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9.
What is the principle of the law of supply?
a) The lower the price, the larger the quantity produced.
b) The higher the price, the larger the quantity produced.
c) The higher the price, the smaller the quantity produced.
d) The lower the price, the more manufacturers will produce the good.

 10.
How is the total cost of a factory or other production site determined?
a) marginal cost plus fixed cost
b) fixed cost plus variable cost
c) marginal cost plus variable cost
d) marginal cost plus output cost
uff... thats all, please help :)

Sagot :

9 . B The Higher The Price , The Larger The Quantity Produced 
10 . B . Fixed Cost Plus Variable Cost 

1) what is the principle of the law of supply. B) the higher the price, the larger the quantity produced.

2) what is the term for supply of product that cannot easily or quickly expand or reduce its production. c) inelastic

3) A graph of data points in the supply schedule creates which of the following. B) a supply curve

4) What happens in the case of a product that has elastic supply when the price decreases.  I picked c) and got it wrong. Existing firms continue their usual output but earn less.

5) A supply schedule is characterized by which of the following. d) it lists supply for a specific good

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