4. Which of the following most appropriately illustrate the law of supply? a. Corporation XYZ has access to more labour resources, so it increases production. b. Because No Choice TV is the only cable company, it can charge a relatively high price for its services. c. As the price of chicken wings rises, Fred's BBQ is willing to sell more chicken wings. d. As the price of automobiles increases people are willing to buy fewer automobiles. 5. An increase in price of gasoline will: a. increase the supply of gasoline. b. increase the quantity of gasoline supplied. c. decrease the supply of gasoline. d. decrease the quantity of gasoline supplied.
4. Which of the following most appropriately illustrate the law of supply?
a. Corporation XYZ has access to more labour resources, so it increases
production.
b. Because No Choice TV is the only cable company, it can charge a relatively
high
c. As the price of chicken wings rises, Fred's BBQ is willing to sell more chicken
wings.
d. As the price of automobiles increases people are willing to buy fewer
automobiles.
5. An increase in price of gasoline will:
a. increase the supply of gasoline.
b. increase the quantity of gasoline supplied.
c. decrease the supply of gasoline.
d. decrease the quantity of gasoline supplied.
6. A change in which of the following will cause a movement along the supply curve?
a. a change in the state of technology.
b. a change in taxes.
c. a change in expectations about future prices.
d. a change in the price of the good .
Step by step
Solved in 3 steps
