4. Which of the following most appropriately illustrate the law of supply? a. Corporation XYZ has access to more labour resources, so it increases production. b. Because No Choice TV is the only cable company, it can charge a relatively high price for its services. c. As the price of chicken wings rises, Fred's BBQ is willing to sell more chicken wings. d. As the price of automobiles increases people are willing to buy fewer automobiles. 5. An increase in price of gasoline will: a. increase the supply of gasoline. b. increase the quantity of gasoline supplied. c. decrease the supply of gasoline. d. decrease the quantity of gasoline supplied.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

4. Which of the following most appropriately illustrate the law of supply?
a. Corporation XYZ has access to more labour resources, so it increases
production.
b. Because No Choice TV is the only cable company, it can charge a relatively
high price for its services.
c. As the price of chicken wings rises, Fred's BBQ is willing to sell more chicken
wings.
d. As the price of automobiles increases people are willing to buy fewer
automobiles.


5. An increase in price of gasoline will:
a. increase the supply of gasoline.
b. increase the quantity of gasoline supplied.
c. decrease the supply of gasoline.
d. decrease the quantity of gasoline supplied.


6. A change in which of the following will cause a movement along the supply curve?
a. a change in the state of technology.
b. a change in taxes.
c. a change in expectations about future prices.
d. a change in the price of the good .

Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Market Supply Curve
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education