How does the market supply reflect the law of supply? As the price increases, the market quantity supplied increases. a. b. As the price decreases, the market quantity supplied increases. C. As the price increases, the market quantity supplied increases then decreases. d. As the price decreases, the market quantity supplied decreases then increases. e. The market supply curve does not reflect the law of supply.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Please both question 

How does the market supply reflect the law of supply?
a.
As the price increases, the market quantity supplied increases.
b.
C.
e.
d.
As the price decreases, the market quantity supplied decreases then increases.
The market supply curve does not reflect the law of supply.
b.
Which of the following situations would cause the demand curve to shift to the right?
a decrease in the number of consumers
a.
C.
As the price decreases, the market quantity supplied increases.
d.
As the price increases, the market quantity supplied increases then decreases.
e.
a decrease in the number of producers
an increase in the price of a complement
an increase in the price of a substitute
a change in tastes and preferences
Transcribed Image Text:How does the market supply reflect the law of supply? a. As the price increases, the market quantity supplied increases. b. C. e. d. As the price decreases, the market quantity supplied decreases then increases. The market supply curve does not reflect the law of supply. b. Which of the following situations would cause the demand curve to shift to the right? a decrease in the number of consumers a. C. As the price decreases, the market quantity supplied increases. d. As the price increases, the market quantity supplied increases then decreases. e. a decrease in the number of producers an increase in the price of a complement an increase in the price of a substitute a change in tastes and preferences
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