0
What else can I help you with?
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
How does the quantity supplied change as the price increases?
As the price increases, the quantity supplied also increases. This is known as the law of supply, which states that there is a direct relationship between price and quantity supplied.
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.
How does the law of supply differentiate between normal goods and inferior goods?
The law of supply states that as the price of a good increases, the quantity supplied by producers also increases. Normal goods are products for which the quantity supplied increases when the price goes up, while inferior goods are products for which the quantity supplied decreases when the price goes up.
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
How does the quantity supplied change as the price increases?
As the price increases, the quantity supplied also increases. This is known as the law of supply, which states that there is a direct relationship between price and quantity supplied.
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 the law of supply differentiate between normal goods and inferior goods?
The law of supply states that as the price of a good increases, the quantity supplied by producers also increases. Normal goods are products for which the quantity supplied increases when the price goes up, while inferior goods are products for which the quantity supplied decreases when the price goes up.
How does the law of supply explain the relationship between the price of a good and its quantity supplied?
The law of supply states that as the price of a good increases, the quantity supplied by producers also increases. This is because higher prices incentivize producers to supply more of the good in order to maximize their profits. Conversely, if the price of a good decreases, the quantity supplied decreases as well, as producers are less willing to supply the good at a lower price.
What is the relationship between price and the total quantity supplied by all firms in the market?
The relationship between price and the total quantity supplied by all firms in the market is known as the law of supply. According to this law, as the price of a good or service increases, the quantity supplied by firms also increases, and vice versa. This means that there is a direct relationship between price and the total quantity supplied in the market.
Why does the quantity supplied of stock increase when prices rise?
The quantity supplied of stock increases when prices rise because higher prices incentivize producers to supply more stock in order to maximize their profits. This is known as the law of supply, which states that as the price of a good or service increases, the quantity supplied by producers also increases.
What is the law of supply and how does it impact the market for goods and services?
The law of supply states that as the price of a good or service increases, the quantity supplied by producers also increases, and vice versa. This means that there is a direct relationship between price and quantity supplied. In the market for goods and services, the law of supply impacts the availability of products and services, as higher prices incentivize producers to supply more, leading to an increase in the quantity of goods and services available in the market. Conversely, lower prices may lead to a decrease in supply.
