Introduction to Economics 1 Deneme Sınavı Sorusu #590028

I. A firm is willing to increase the production of a good when the marginal cost becomes higher than the market price of this good. II. Developments in technology lead to a decrease in the supply of goods by causing an increase in the cost of production. III. Supply is the willingness and the ability of producers to produce a quantity of a good or a service at a given price in a given time period. IV. The Law of Supply states that, under the assumption of ceteris paribus, an increase in the price of a product causes an increase in the quantity supplied. Which of the above statements is true regarding ‘supply’?

I and III

I and IV

II and III

II and IV

III and IV

Yanıt Açıklaması:

A perfectly competitive firm should normally stops increasing the production when the marginal cost becomes as high as the market price. Otherwise, they cannot make a profit at all. Moreover, as everybody knows, improvements in the production technology lead to an increase in the supply of goods by causing the cost of production per unit to decrease. The statements III and IV are true in terms of the concept of supply. The correct answer is E.

PAYLAŞ:

SORUNUN CEVABI: E

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