The law of supply states that other things being equal
A) supply creates its own demand.
B) supply will increase if productivity increases.
C) as price increases, quantity supplied increases.
D) supply will increase to meet demand if demand increases.
C
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The law of diminishing product states that if increasing quantities of a variable factor are applied to a given quantity of fixed factors, then:
a) the MP and the AP of the variable factor will eventually decrease. b) TP will eventually begin to fall. c) the AP will eventually decrease, but only if TP is held constant. d) the MP will eventually decrease with constant AP. e) the AP will eventually decrease with constant MP.
As recessions begin, employment
a) rises and income falls. b) falls and income rises. c) and income both fall. d) and income both rise.