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Refer to Table 4-3. If the law of supply applies to this good, then Q, could be O 110. O 140. O 160. O 170.

Refer to Table 4-3. If the law of supply applies to this good, then Q, could be O 110. O 140. O 160. O 170.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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### Table 4-3 | Price (Dollars per unit) | Quantity Supplied (Units) | |--------------------------|---------------------------| | 9 | 160 | | 17 | Q₁ | **Refer to Table 4-3.** If the law of supply applies to this good, then Q₁ could be: - ○ 110 - ○ 140 - ○ 160 - ○ 170 **Explanation:** The law of supply states that, all else being equal, an increase in the price of a good will result in an increase in the quantity supplied. This table is used to illustrate that concept, asking for the possible value of \( Q₁ \) when the price increases from $9 to $17 per unit. The correct answer would reflect an increase in quantity supplied from the initial 160 units.
Transcribed Image Text:### Table 4-3 | Price (Dollars per unit) | Quantity Supplied (Units) | |--------------------------|---------------------------| | 9 | 160 | | 17 | Q₁ | **Refer to Table 4-3.** If the law of supply applies to this good, then Q₁ could be: - ○ 110 - ○ 140 - ○ 160 - ○ 170 **Explanation:** The law of supply states that, all else being equal, an increase in the price of a good will result in an increase in the quantity supplied. This table is used to illustrate that concept, asking for the possible value of \( Q₁ \) when the price increases from $9 to $17 per unit. The correct answer would reflect an increase in quantity supplied from the initial 160 units.
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