Answer the given question with a proper explanation and step-by-step solution. Which of the following statements is/are correct? i. An increase in the price of kettles will result in an increase in the supply of kettles. ii. An increase in the price of any of the factors of production will result in a leftward shift of the supply curve. iii. An increase in the wages of workers at Mr Juicy drink factory in Durban will result in a movement along the supply curve of Mr Juicy drinks, ceteris paribus. iv. In their supply decisions, producers take account of the prices of all the alternative products they can produce. a) Only i, ii , iii and iv. b) Only ii and iv. c) Only ii and iii. d) Only i, ii and iv.
Answer the given question with a proper explanation and step-by-step solution. Which of the following statements is/are correct? i. An increase in the price of kettles will result in an increase in the supply of kettles. ii. An increase in the price of any of the factors of production will result in a leftward shift of the supply curve. iii. An increase in the wages of workers at Mr Juicy drink factory in Durban will result in a movement along the supply curve of Mr Juicy drinks, ceteris paribus. iv. In their supply decisions, producers take account of the prices of all the alternative products they can produce. a) Only i, ii , iii and iv. b) Only ii and iv. c) Only ii and iii. d) Only i, ii and iv.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Answer the given question with a proper explanation and step-by-step solution.
Which of the following statements is/are correct?
i. An increase in the
ii. An increase in the price of any of the factors of production will result in a leftward shift of the supply curve.
iii. An increase in the wages of workers at Mr Juicy drink factory in Durban will result in a movement along the supply curve of Mr Juicy drinks, ceteris paribus.
iv. In their supply decisions, producers take account of the prices of all the alternative products they can produce.
a) Only i, ii , iii and iv.
b) Only ii and iv.
c) Only ii and iii.
d) Only i, ii and iv.
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