Asked Aug 21, 2019

If manufacturers can reduce the cost of the goods they produce, the cost of living in a society will be _____, and the standard of living will ______.

a) reduced, decrease

b)increased, decrease


d)increased, increase


Expert Answer

1 Rating

Standard of living:


The standard of living in a society is the level of wealth, comfort and necessities available to the socioeconomic classes of the society. The standard of living includes the factors such as income, GDP, economic and political stability and so on.


Cost of living:


The cost of living is the amount of money needed to sustain a certain standard of living by affording the basic expenses in a society. If the cos...

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