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In Which Statement(s) Are "Supply" and "Quantity Supplied" Used Correctly

Question 223

Multiple Choice

In which statement(s) are "supply" and "quantity supplied" used correctly? (I) "An increase in the price of toasters will increase the quantity supplied of toasters."
(II) "A technological advance that lowers the cost of producing toasters will increase the supply of toasters."


A) in both statements I and II
B) in statement I only
C) in statement II only
D) in neither statements I nor II

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