chapter 9 section 1 and 2 assessment

section 1:
1.by the quantity supplied rises.
2.supply is the willingness of sellers to make goods and quantity supplied is how much goods are produced and they are so different.
3.it illustrates the law of supply using a chart.
4.by a chart showing a certain price in a large area.
5.the price will go up some.

section 2:
1. increase out put to equalize price and marginal revenue.
2. it refers to the extra cost of producing one more unit.
3. electric and gas is example for fixed costs and variable cost example is labor and raw materials.
4. marginal revenue – the additional income from selling one more unit of a good.
5.its a variable cost.

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