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When does law of supply occur?
When price rises, the quantity supplied rises; as price falls, the quantity supplied falls.
If the price of a video game increased what would the law of supply predict about the quantity supplied of the game?
the law of supply would increase the quantity of the game
What is an example that displays the law of supply?
An example of the Law of Supply is: The price of an object increased, so the quantity supplied of that object also increased.
Which relationship is the BEST example of the Law of Supply?
The quantity of a good supplied rises as the price rises.
How does a supply curve reflect the law of supply?
Companies will want to supply more goods/services at a higher price because they can make more profit this way. Therefore, the supply curve is upward sloping since at each increase in price, there will be a corresponding increase in quantity supplied. This exactly is the law of supply: businesses will supply more at higher prices.
When does law of supply occur?
When price rises, the quantity supplied rises; as price falls, the quantity supplied falls.
What statement refers to the law of supply?
Law of supply states that other factors remaining constant, supply is the function of its price where an increase in price of the commodity increases quantity supplied in the the market and a decrease in price reduces quantity supplied.
If the price of a video game increased what would the law of supply predict about the quantity supplied of the game?
the law of supply would increase the quantity of the game
An effective minimum wage can lead to?
the law of supply states that price and quantity supplied are
What is an example that displays the law of supply?
An example of the Law of Supply is: The price of an object increased, so the quantity supplied of that object also increased.
Which relationship is the BEST example of the Law of Supply?
The quantity of a good supplied rises as the price rises.
How does a supply curve reflect the law of supply?
Companies will want to supply more goods/services at a higher price because they can make more profit this way. Therefore, the supply curve is upward sloping since at each increase in price, there will be a corresponding increase in quantity supplied. This exactly is the law of supply: businesses will supply more at higher prices.
Define the Law of Supply?
Supply by definition: those quantities of goods and services that are produced to meet consumer's "demand" at a given price and at a given point in time;the "law" of supply simply states that supply shows the relationship between quantities supplied and and the quantity a firm is willing to supply!pricing determinants:# that as price rises more quantities are supplied (there is an extension in quantities supplied / a movement along the supply curve); # while the converse is true i.e. as price falls quantities supplied fall (contract); non price determinants: e.g. technology, weather, etc.when non-pricing determinants of supply influence supply there are shifts in the supply curve!for e.g. where weather conditions are favourable supply of agricultural production will increase and as such there will be an increase in quantities supplied i.e. a rightward shift in the supply curve; the converse is true
What law does this example help to prove Study Island?
The example provided helps demonstrate the law of supply and demand. By showing how changes in the quantity demanded or supplied of a product can be influenced by factors such as price, the example illustrates the basic principles behind this economic law.
What is the principle of the law of supply?
the higher the price, the larger the quantity produced
When a particular market the law of demand and the law of supply both apply the imposition of a binding price ceiling in that market causes?
When, in a particular market, the law of demand and the law of supply both apply, the imposition of a binding price ceiling in that market causes quantity demanded to be greater than quantity supplied.less than quantity supplied.equal to quantity supplied.Any of the above is possible.
What law is illustrated in this diagram?
The diagram illustrates the law of supply and demand. It shows how the equilibrium price and quantity are determined by the intersection of the supply and demand curves.
