1. Define
a. supply is the quantity of output that producers are willing and able to provide at a given price in a given time period cetirus paribus.
b. the law of supply states that as the price per unit of a product rises the quanitity that producers are willing to offer per time period rises cetirus paribus.
2. The fourth one because as most firms specialize.
3. a-3
b- 1
c- 4
4. 5 unit
b. 7 units
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