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Unit 1
Basic Economic Concepts
1.1: Scarcity
1.2: Opportunity Cost and the Production Possibilities Curve
1.3: Comparative Advantage and Trade
1.4: Demand
1.5: Supply
1.6: Market Equilibrium, Disequilibrium, and Changes in Equilibrium
Unit Test
Comprehension Check
Supply
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The law of supply indicates that, all other things being equal:
A
An increase in the price of a good will decrease the quantity supplied.
B
An increase in the price of a good will increase the quantity supplied.
C
An increase in the cost of an input will increase the supply of the good.
D
A decrease in the price of a good will cause the supply curve to shift to the left.
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Unit 1 Study Guide
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