ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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inelastic.
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elastic.
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static.
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inferior.
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Detailed explanation-1: -A market supply schedule shows the relationship between prices and the total quantity supplied by all firms in a particular market.
Detailed explanation-2: -Any change in the cost of an input used to produce a good-such as raw materials, machinery, or labor-will affect supply. A rise in the cost of an input will cause a fall in supply at all price levels because the good has become more expensive to produce.
Detailed explanation-3: -Total product costs can be determined by adding together the total direct materials and labor costs as well as the total manufacturing overhead costs.
Detailed explanation-4: -The law of diminishing returns refers to increasing one input in a production process while other inputs remain constant. As each new unit of the increasing input is added, the marginal output gets smaller.