a. the lower the price, the larger the quantity consumed
5. according to the law of supply,
a. the lower the price, the larger the quantity consumed
b. the higher the price, the larger the quantity produced
c. if the price of good rises, some firms will produce less
d. if the price of a good falls, new firms may enter the market.
6. the change in output from adding one more worker is the?
a. marginal product of labor
b. increasing marginal returns
c. diminishing marginal returns
d. negative marginal returns
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5. according to the law of supply,
a. the lower the price, the larger the quantity consumed
a. the lower the price, the larger the quantity consumed
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