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Author Question: What does the Law of Supply state? What is the key feature of a typical supply curve? What will ... (Read 39 times)

FButt

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on: Jun 29, 2018
What does the Law of Supply state? What is the key feature of a typical supply curve?
 
  What will be an ideal response?

Question 2

Refer to Figure 4-6. What is the value of the deadweight loss after the imposition of the price floor?
 
  A) 600 B) 1,800 C) 2,700 D) 3,300


mammy1697

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The law of supply states that in most cases, the quantity supplied of a good rises when the price of the good rises. A typical supply curve is upward sloping which shows the positive relationship between price and quantity supplied.

Answer to Question 2

A


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FButt

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Reply #2 on: Jun 29, 2018
Thank you


mammy1697

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Reply #3 on: Jun 29, 2018
No problemo


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