« previous next »

Author Question: State the law of supply and explain it. What will be an ideal ... (Read 45 times)

codyclark

  • Hero Member
  • *****
  • Posts: 538
on: Jun 29, 2018
State the law of supply and explain it.
 
  What will be an ideal response?

Question 2

Refer to the above figure. If the government imposes a price ceiling of 60
 
  A) the quantity traded will be 150, and the price will be 40.
  B) the quantity traded will be 100, and the price will be 60.
  C) the quantity traded will be 200, and the price will be 60.
  D) the quantity traded will be 150, and the price will be 60.


nguyenhoanhat

  • Sr. Member
  • ****
  • Posts: 332
Reply #1 on: Jun 29, 2018
Answer to Question 1

The law of supply indicates the direct or positive relationship between price and quantity supplied. This law states that when the price of a good increases, sellers will make more of that good available for a specified period of time, other things being equal. Other things being equal, a higher price gives producers more incentive to produce and sell more of that product. Conversely, when the price of a good decreases, sellers will make less of that good available for a specified time period.

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

Did you know?

More than 150,000 Americans killed by cardiovascular disease are younger than the age of 65 years.

Did you know?

Most women experience menopause in their 50s. However, in 1994, an Italian woman gave birth to a baby boy when she was 61 years old.

Did you know?

Approximately one in three babies in the United States is now delivered by cesarean section. The number of cesarean sections in the United States has risen 46% since 1996.

blood supply blood supply
Plasma protein binding and drug availability: (a) drug exists in a free state or bound to plasma pro Plasma protein binding and drug availability: (a) drug exists in a free state or bound to plasma pro
An Oil-dependent World— Supply and Demand Driven An Oil-dependent World— Supply and Demand Driven
Inverse Relation Between IQ and Disease. Could this explain the Flynn effect? Inverse Relation Between IQ and Disease. Could this explain the Flynn effect?
Christo, Over the River, Project for the Arkansas River, State of Colorado. Christo, Over the River, Project for the Arkansas River, State of Colorado.
E9-23 Prepare income statements Explain the difference in operating income E9-23 Prepare income statements Explain the difference in operating income
Video: Summary of glucose catabolism

For a complete list of videos, visit our video library