a.b.According to the Law of Supply, if the price of a good increases,O A. the supply of that good will riseO B. the supply of that good will fallO C. the quantity supplied of that good will increaseO D. the quantity supplied of that good will decreaseAlso, if the price of Nike's athletic shoes decreases,A. then the demand for the shoes will fallB. then the quantity demanded will decreaseO C. then the quantity demanded will increaseO D. then the supply of those shoes will fall

Answered: a. According to the Law of Supply, if…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

100%

a.
b.
According to the Law of Supply, if the price of a good increases,
O A. the supply of that good will rise
O B. the supply of that good will fall
O C. the quantity supplied of that good will increase
O D. the quantity supplied of that good will decrease
Also, if the price of Nike's athletic shoes decreases,
A. then the demand for the shoes will fall
B. then the quantity demanded will decrease
O C. then the quantity demanded will increase
O D. then the supply of those shoes will fall

Expert Solution

Step 1

The supply curve of a good depicts the direct relationship between the price of a good and the quantity supplied of a good, keeping other factors of supply constant.

The demand curve of a good depicts the indirect relationship between the price of a good and the quantity demanded of the good, keeping other factors of demand constant.

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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