A shift occurs in the supply curve for salt when:
a. the price of salt increases.
b. improvements are made in the production process.
c. salt is found to be associated with high blood pressure.
d. consumers expect the price of salt to increase in the future.
Question 2
A reduction in production costs will result in a(n):
a. rightward shift of the supply curve.
b. increase in supply.
c. greater willingness and ability of producers to supply a larger quantity at any given price.
d. greater willingness and ability of producers to supply the same quantity at a lower price.
e. all of these.
Ionic bonding in table salt (NaCl)
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Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.