a.b.According to the Law of Supply, if the price of a good increases,O A. the supply of that good will riseO B. the supply of that good will fallO C. the quantity supplied of that good will increaseO D. the quantity supplied of that good will decreaseAlso, if the price of Nike's athletic shoes decreases,A. then the demand for the shoes will fallB. then the quantity demanded will decreaseO C. then the quantity demanded will increaseO D. then the supply of those shoes will fall

The supply curve of a good depicts the direct relationship between the price of a good and the…

a. According to the Law of Supply, if the price of a good increases, O A. the supply of that good will rise O B. the supply of that good will fall O C. the quantity supplied of that good will increase D. the quantity supplied of that good will decrease

a. According to the Law of Supply, if the price of a good increases, O A. the supply of that good will rise O B. the supply of that good will fall O C. the quantity supplied of that good will increase D. the quantity supplied of that good will decrease

Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand, And Government Policies

Section: Chapter Questions

Problem 2CQQ

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Question

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a.
b.
According to the Law of Supply, if the price of a good increases,
O A. the supply of that good will rise
O B. the supply of that good will fall
O C. the quantity supplied of that good will increase
O D. the quantity supplied of that good will decrease
Also, if the price of Nike's athletic shoes decreases,
A. then the demand for the shoes will fall
B. then the quantity demanded will decrease
O C. then the quantity demanded will increase
O D. then the supply of those shoes will fall

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