Question

1.

Answer 1

1.       With the rise in the cost of machinery or raw materials, the good becomes more expensive to produce. So the correct option for this question is option “c”. The cost of machinery and raw materials are directly proportional to the increase in cost of any goods.
2.       The introduction or advent of new technology lowers cost and increases supply. So for this question the correct option is “b”. New technology always helps to increase the production with lowering of cost and that is the reason behind adopting new technology.

Answer 2

Answer:

b) It lowers cost and increases supply.

Explanation: