According to the law of supply
A) people buy more of a good when the price increases.
B) people buy less of a good when the price decreases.
C) producers provide more of a good when the price decreases.
D) producers provide less of a good when the price decreases.
Answer: D
You might also like to view...
If the quantity of the variable on the y-axis increases by 10 when the quantity of the variable on the x-axis decreases by 2, then the slope of the curve equals
A) 10. B) -10. C) 2. D) -5. E) None of the above answers is correct.
What is unplanned investment? How does it occur?
What will be an ideal response?
In the short run, a firm operating as a monopolistic competitor will produce to the point at which
A) MR = ATC. B) MC = ATC. C) P = MC. D) MR = MC.
Suppose the market for potatoes can be expressed as follows: Supply: QS = -20 + 10p Demand: QD = 400 - 20p If the government sets a maximum price of $10 per unit, what will be the quantity demanded and quantity supplied?
What will be an ideal response?