N which statement(s) is "supply" used correctly? (I) "An increase in the price of eggs will increase the supply of eggs." (II) "As the cost of producing eggs rises, the supply of eggs will tend to fall."

II) "As the cost of producing eggs rises, the supply of eggs will tend to fall."

Explanation:

The term supply refers to the quantities of a product that firms are willing to sell at the market price at a specific price or at different prices. Several factors, such as demand, cost of inputs, competition, among others, may influence the supply. As per the law of supply, everything else remaining constant, suppliers will be to sell more at higher prices.

Statement 11  describes supply better that statement 1.  In statement 11, an increase in the cost of producing eggs decreases the profit realized from the sale of eggs. When the production of eggs is costly, suppliers may not have the resources to produce them in bulk. The statement recognizes that supply is influenced by demand. An increase in cost will force the suppliers to raise prices, which may lead to reduced demand.

Statement 1 asserts that an increase in price will lead to an increase in price. If the increase in price is a result of an increase in the cost of inputs, then suppliers may not increase the supply. An increase in price, followed by an increase in supply, will result in a market surplus. An increase in prices causes a decline in demand.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know