If the supply of a product increases, then
a. more will be purchased at the same price
b. the price of the product must have declined
c. demand for the good must have increased
d. producers are willing to accept a lower price for each unit sold
e. producers offer less for sale at each possible price
Question 2
Which of the following would shift the supply curve for a product to the right?
a. an increase in the price of a resource used in the good's production
b. the expectation of a higher price in the near future
c. an increase in the price of the product
d. an increase in the price of an alternative good
e. an improvement in the technology for producing the good
Atmospheric pressure decreases as altitude increases.
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Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.