1.
what effect does a rise in the cost of machinery or raw materials have on the cost of a good?
a) a rise in the cost of raw materials (but not machinery) raises the cost.
b) the good becomes cheaper to produce.
c) the good becomes more expensive to produce.
d) it does not have any effect on the cost of the good.
2.
what does new technology generally do to production?
a) it lowers cost and decreases supply.
b) it lowers cost and increases supply.
c) it increases cost and decreases supply.
d) it has very little effect on production.
could you me with these questions?