Answer:
a. either the economy must be producing a larger output of goods and services, or goods and services must be selling at higher prices, or both
Explanation:
Total Spending is the total values of goods & services produced & transacted ( bought, sold ) in an economy, during a period of time.
Total Spending = Price of goods,services x Quantity of goods,services
So, if the total spending increases : It implies that either the quantity of goods & services, or their prices, or both have increased. As, amount spent is a product of both of them.
Steel was important to the second industrial revolution majorly because of its properties and its potential uses. Because steel is very strong, light and cheap, it was found ideal for many purposes. Steel was used to make many of the new inventions that characterized that period, a good example of this is rail road.
Fixed cost remained constant regardless of how many products are sold. Fixed cost is a cost behavior which always emerged regardless of the quantity product sold. Machine depreciation expense, insurance expense, and rent expense are several examples of this cost behavior. On the contrary, variable cost is an another type of cost behavior that changes relating to the quantity of the sold product.
Answer:
supply chain is a system of organizations, people, activities, information,
Explanation:
hope that works
