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Question 13: Which statement(s) is/are true?I). The supply curve summarizes information about production conditions.
II). The supply curve indicates the quantity of a good that producers would be willing to supply at
different prices.
A. I only.
B. II only.
C. I and II.
Correct Answer: C
Explanation: The supply curve indicates both the minimum price necessary to induce producers to
supply
a specific quantity and the opportunity cost of producing the marginal unit of the good.
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