Larger quantities of any good will be supplied at higher prices because
a. consumers will be more satisfied
b. higher prices attract resources from other uses
c. people are naturally lazy and have to be bribed to give up their leisure
d. price and quantity supplied are inversely related
e. of the law of decreasing opportunity cost
Question 2
Which of the following explains the relationship between price and the quantity supplied?
a. When expanding output, firms will incur greater total costs.
b. As the price of a commodity falls, producers will find it more profitable to use higher-priced inputs in their production process.
c. As a result of rising production costs, firms can increase profits by expanding output only if the price of output increases.
d. To expand output, firms must hire more resources, which are always of poorer quality.
e. Consumers want more at lower prices.
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