The supply curve states that: price and quantity supplied are not related increased prices will stimulate more production of a given product. producers will increase production over the long run if price decreases All of the above
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Step 1: The supply curve shows the relationship between the price of a good and the quantity supplied. Show more…
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According to the law of supply, which of the following is true as the price of a good or service decreases? Responses Producers are willing and able to sell more so they increase their sales. Producers are willing and able to sell more so they increase their sales. Producers are willing and able to sell less because their production costs increase. Producers are willing and able to sell less because their production costs increase. Producers are willing and able to sell less because their profits decrease. Producers are willing and able to sell less because their profits decrease. Consumers are willing and able to buy more because they will switch from more expensive goods. Consumers are willing and able to buy more because they will switch from more expensive goods. Consumers are willing and able to buy more because they will be able to afford a greater quantity.
Jerelyn N.
4. The law of supply states that: A. producers should only produce what they can sell. B. producers should only sell the items when the price is right. C. there is a positive relationship between price and quantity supplied, ceteris paribus. D. producers are legally required to make necessary items available in the marketplace.
Benjamin D.
What is the law of supply? The law of supply states that, holding everything else constant, an increase in price causes an increase in the quantity supplied and a decrease in price causes an increase in quantity supplied. What are the main variables that will cause a supply curve to shift? Select all that apply: A. The number of firms in the market B. Technological change C. Expected future prices D. Prices of substitutes in production E. Prices of inputs F. Price of the product Give an example of each of the main variables that will cause a supply curve to shift. Select all that apply: A. The price of SUVs decreases, and the supply of SUVs decreases accordingly. B. The price of a hybrid engine increases, and the supply of a hybrid car decreases. C. A car manufacturer believes the price of hybrids will increase, so it decreases supply now to increase supply when the price increases. D. New manufacturing technology doubles the production rate of cell phones at the same price, increasing the supply. E. A new company starts selling televisions, and the supply of televisions increases. F. A company sells plasma and LED televisions. When the price of LED TVs increases, the supply of plasma TVs decreases.
Crystal W.
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