According to the law of supply, more of a good is desired by consumers as the price falls. less of a good is desired by consumers as the price rises. more of a good will be offered by suppliers as the price rises. less of a good will be offered by suppliers as the price rises.

Q: Which situation best illustrates an effect of the law of supply?

A: Micro economics refers to the branch of economics that deals with individuality instead of the…

Q: The rent for apartments in Bridgetown has seen a significant increase during the pandemic. However…

A: The law of demand states that there is an inverse relationship between the price and the quantity…

Q: If the price of X decreases and this decreases the demand for Y, then

A: If the quantity demanded of a commodity decrease due to change in the price of another commodity is…

Q: The law of supply states that, ceteris paribus, there is an inverse relationship between the price…

A: Supply curve shows the association between the price of commodity and quantity of the commodity that…

Q: The supply curve will shift to the right if there is: a change in consumer preferences for the good…

A: A supply curve is a graphical representation that describes the relationship between the cost of…

Q: A supply curve shows that *       sellers prefer high prices.       supply for the good is present.…

A: A supply curve shows a graphical representation of price of goods and quantity supplied of goods.…

Q: The law of demand says that all else being equal, as the price rises, the quantity demanded will…

A: Explanation:- Аll  demаnd  сurves  shаre  the  fundаmentаl  similаrity  thаt  they  slорe  dоwn…

Q: Which of the following is consistent with the law of demand?A) A decrease in the price of a gallon…

A: The law of demand states that consumers will be willing to buy larger quantities at lower prices as…

Q: when the demand for one commodity falls due to the fall in the price of the other good, the two…

A: # We know we have two combination of goods available which are complements and substitutes.…

Q: A change in which of the following will cause a change in the quantity demanded of coffee? Group of…

A: Change in quantity demanded and change in demand are two different concepts of economics. The change…

Q: If consumers consider chicken and turkey to be substitutes, and, ceteris paribus, the price of…

A: Susbtitute Goods: The goods that are similar and can be interchangeably used. for eg. Pepsi and…

Q: When The price of good X falls then the demand for Good Y rise.  State where Good X and Good Y are…

A: # substitute goods are those goods which can be used on place of each other and on the other hand…

Q: A decrease in the current price of a good would increase the demand for the good. increase the…

A: Demand for a good refers to consumer's desire to purchase that good and their willingness to pay for…

Q: A warm, dry summer means that the English pear harvest is exceptionally good. At the same time, a…

A: Supply curve of a good shift when there is a change in the supply of that good while demand curve…

Q: Give one reason for decrease in supply of a good

A: Decrease in supply depicts change in "supply" and not quantity supplied. The decrease in supply is…

Q: Ceteris paribus, an increase in the price of a good will cause the quantity demanded of the good to…

A: Producer surplus is defined as the difference between total revenue and total cost. It is the…

Q: When the price of good X increases, a. the supply curve for good X will shift to the right. b. the…

A: Supply curve depicts the positive relationship between quantity supplied and price of good, keeping…

Q: The price of a good will tend to fall when there is excess demand for the good. there is excess…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: The law of demand states that, ceteris paribus, there is an inverse relationship between the price…

A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…

Q: An increase in the price of a good would :a. Give producers an incentive to produce more. b.…

A: As per law of supply, there is a positive relationship between price and quantity supplied.

Q: A change in price causes movement along a demand curve and a change in           .................

A: Movement along the demand curve is done when there is a change in the prices of the commodities and…

Q: A tax on sellers of apples:     leads sellers to supply less apples at every price.   leads…

A: To determine the effect of a tax on the sellers of apples on the market of apples.

Q: The quantity demanded of a good or service is the list of all quantities at different prices, as…

A: Quantity demanded is amount of different quantity demanded at different prices. Any investment…

Q: If good B is a substitute for good A and the price of good B increases, a. the demand for good A…

A: In a market, if two goods are substitutes of each other, they share direct relation between the…

Q: Which of the following will decrease the supply of goods?

A: Supplier of goods usually decreases due to increase in  cost of production.

Q: The price at which quantity demanded and quantity supplied of a good is equal is known as maximum…

A: In a free market the forces of demand and supply are set free to decide the market equilibrium and…

Q: An increase in supply... ( a) indicates that more is supplied at higher prices. b) indicates that…

A: There is a difference between increase in supply and increase in quantity supplied. An increase in…

Q: which of the following does not directly influence the demand for a good? the size of the…

A: Populace and growth in consumption will prompt the demand for services and goods expanding for the…

Q: The Law of Supply states that:   Question 2 options: a all other factors fixed, a greater quantity…

A: The total quantity of goods and services available in the market for purchase at a particular price…

Q: What is constant in the law of supply? (a) Price of related goods (b) State of technology (c) Cost…

A: Answer: d (All of the above) Explanation: Law of supply: the law of supply states the relationship…

Q: Does a change in price lead to movement along the demand curve or to a shift in the demand curve?…

A: A movement (upward or downward) along the demand curve has occurred when the price of given good…

Q: Demand for a good will always rise when the price of a complementary good falls.the price of a…

A: Complementary goods are those goods that are consumed jointly or in conjunction. This means…

Q: A rise in the price of a substitute in production for a good leads to A) an increase in the supply…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: . According to the law of demand, when all other factors are held constant, the higher the price,…

A: Answer: Correct option: False (B) Explanation: Law of demand: According to the law of demand there…

Q: An increase in quantity demanded caused by change in the price ......................... a)…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: Which of the following will not shift the supply curve to the left? a) an increase in wages paid to…

A: In economics, the law of supply establishes that prices and quantity supplied are positively related…

Q: Two goods are complements if a decrease in the price of one good. This will lead to: Select one: a.…

A: The prices of complementary or substitute goods also shift the demand curve.

Q: The law of demand shows that: a. the demand curve is positively sloped. b. there…

A: The answer is part b i.e Inverse relationship between Quantity Demanded and price. The famous  law…

Q: Assume that the price of product X rises by 13 percent and the quantity supplied of X rises by 15…

A: The markets are the place where the buyers of various goods and services tend to meet and interact…

Q: If the price of a product is below the equilibrium price, the result will be A. A shortage of the…

A: Equilibrium is a state in which economic forces like supply and demand are balanced and the…

Q: You are told that a 10% increase in the price of a good has led to a 1% increase in the quantity…

A: Answer -