Answered: Price (Dollars per unit) Quantity…

Price (Dollars per unit) Quantity Supplied (Units) 9 160 17 Q1 . Refer to Table 4-3. If the law of supply applies to this good, then Q1 could be a. 110. b. 140. c. 160. d. 170.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 48CTQ: Can you propose a policy that meld induce the market to supply more rental housing units?

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Question

Price

(Dollars per unit)

Quantity Supplied

(Units)

160

Q₁

. Refer to Table 4-3. If the law of supply applies to this good, then Q₁ could be

	a.	110.
	b.	140.
	c.	160.
	d.	170.

Expert Solution

Step 1

Law of supply states that keeping all the factors fixed, as price increases quantity supplied increases.

Here from the options, 170 is greater than 160. So as price increases from 9 to 17, quantity supplied is increased to 170.

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