How would supply shift caused by lower costs of production affect price and quantity?
(1 point)
Responses
higher price, lower quantity
higher price, lower quantity
lower price, lower quantity
lower price, lower quantity
lower price, higher quantity
lower price, higher quantity
higher price, higher quantity
lower price, higher quantity
What does a relative price compare?
(1 point)
Responses
the price different sellers ask for the same good
the price different sellers ask for the same good
the price that buyers pay to the price that sellers ask
the price that buyers pay to the price that sellers ask
the price of one good or service to another
the price of one good or service to another
the price that a seller wants to pay to the price that the seller actually pays