Answer the question(s)on the basis of the following table:

-Refer to the above information to answer this question.What will happen if resource prices increase?
A)1 and A
B)2 and B
C)2 and C
D)3 and B

Question

Answer the question(s)on the basis of the following table:
 
-Refer to the above information to answer this question.What will happen if resource prices increase?
A)1 and A 
B)2 and B 
C)2 and C 
D)3 and B

Quizplus · Accepted Answer

When resource prices increase, the cost of production for goods and services also increases. This can lead to a decrease in supply because producers may not be able to produce the same quantity of goods at the same cost. Therefore, the correct answer is "2 and C," indicating that the quantity supplied will decrease.

Answer the Question(s)on the Basis of the Following Table