6. Which of the following demonstrates the law of supply?a.When leather became more expensive, belt producers decreased their supply ofbelts.b.When car production technology improved, car producers increased their supplyof cars.C.When sweater producers expected sweater prices to rise in the near future, theydecreased their current supply of sweaters.d.When lemon prices rose, lemon growers increased their quantity supplied oflemons.

The law of supply is a central guideline of economic hypothesis which expresses that, keeping…

When leather became more expensive, belt producers decre belts. When car production technology improved, car producers in of cars. 5. When sweater producers expected sweater prices to rise in t decreased their current supply of sweaters.

When leather became more expensive, belt producers decre belts. When car production technology improved, car producers in of cars. 5. When sweater producers expected sweater prices to rise in t decreased their current supply of sweaters.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 1P

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Question

6. Which of the following demonstrates the law of supply?
a.
When leather became more expensive, belt producers decreased their supply of
belts.
b.
When car production technology improved, car producers increased their supply
of cars.
C.
When sweater producers expected sweater prices to rise in the near future, they
decreased their current supply of sweaters.
d.
When lemon prices rose, lemon growers increased their quantity supplied of
lemons.

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