6. Which of the following demonstrates the law of supply?a.When leather became more expensive, belt producers decreased their supply ofbelts.b.When car production technology improved, car producers increased their supplyof cars.C.When sweater producers expected sweater prices to rise in the near future, theydecreased their current supply of sweaters.d.When lemon prices rose, lemon growers increased their quantity supplied oflemons.

The law of supply is a central guideline of economic hypothesis which expresses that, keeping…

When leather became more expensive, belt producers decre belts. When car production technology improved, car producers in of cars. 5. When sweater producers expected sweater prices to rise in t decreased their current supply of sweaters.

When leather became more expensive, belt producers decre belts. When car production technology improved, car producers in of cars. 5. When sweater producers expected sweater prices to rise in t decreased their current supply of sweaters.

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

Q: UESTION 36 ben the prce of a good decresses from S 70 to 5 60.the quatity demanded rses from 2800 to…

A: Elasticity refers to the change in one variable due to the change in other variable. The price…

Q: If a decrease in the demand for product X causes the demand curve for product Y to shift to the…

A: Answer: Butter and Margarine

Q: As Huawei, Samsung, and HTC entered the smartphone martket, we could have expected the demand for…

A: Answer is " become more elastic and prices to fall".

Q: On Valentine's Day, shops sell more roses at a much higher price than on other days. They also sell…

A: GIVEN: The percentage rise in the prices of roses exceeds the percentage rise in quantity of roses…

Q: Assume that the price of one kilogram of chicken is 12 Shekel. Assume that Ramadan comes, and the…

A: Elasticity of demand measures the responsiveness of quantity demanded to price changes, with values…

Q: A dress manufacturer is expecting higher prices for dresses in the near future. What would we…

A: The demand curve represents the quantity of a commodity demanded by consumers at different price…

Q: Consumption of soft drinks (such as Coca-Cola and Pepsi-Cola) in the US has fallen for 18 years. In…

A: Change in quantity demanded refers to the change in the demand for the good due to change in its…

Q: 5. Consider the (red) demand function. By how much does the price decrease when one more unit is…

A: The demand function shows the units of commodity that the consumers desire to purchase at the market…

Q: Time left 0 For which product is the income elasticity of demand most likely to be negative? O A.…

A: The income elasticity of demand is the response to the quantity which is being demanded for a good…

Q: 3. We-R-Food's, a restaurant consulting firm estimates that in the Southeastern United States a 10%…

A: The implied cross-price elasticity is a measure of the responsiveness of demand for one product to…

Q: Which of the following will cause an inward shift in the demand for steaks at a restaurant? O a. A…

A: The demand curve shifts when the quantity of a product or service demanded at each price level…

Q: 4. Samir buys one ice cream a day. If the price rises, he will buy zero ice creams a day. The price…

A: Demand is the total quantity of commodities that the consumers are willing to buy at various prices.…

Q: For each case below, state whether you think the correlation is positive or negative. Also state…

A: The correlation between temperature outside in the summer and the amount of ice cream sold is likely…

Q: A printer producer reduces the price of a highly popular printer by 40%. What are the results of…

A: Demand is the quantity of commodity which a consumer is willing and able to buy at each possible…

Q: Price G 3FE 0 H 51 So D₁ Do A BC Quantity Given Do, if the supply curve shifts from So to S1, then:…

A: In the above graph given that the supply curve has shifted from S0 to S1.The diagram shows demand…

Q: Identify the pair of products which have negative cross elasticity of demand. O a. Bread and butter…

A: Cross elasticity of demand measures the responsiveness of percentage change in demand of related…

Q: If the value of total receipts is $10,000 and revenue receipts is $3000 Calculate the value of…

A: Capital receipts are those which lower financial assets or generate liabilities. Revenue receipts…

Q: A given cafe sells tea and coffee. They notice that most customers tend to order tea or coffee, as…

A: The substitute goods are used for each other. Rise in the price of one good leads to rise in demand…

Question

6. Which of the following demonstrates the law of supply?
a.
When leather became more expensive, belt producers decreased their supply of
belts.
b.
When car production technology improved, car producers increased their supply
of cars.
C.
When sweater producers expected sweater prices to rise in the near future, they
decreased their current supply of sweaters.
d.
When lemon prices rose, lemon growers increased their quantity supplied of
lemons.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 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

The figure shows the supply curve of lead. What is the price elasticity of supply between points A and B? Between these two points is supply elastic or inelastic? XxT Between points A and B, the elasticity of supply is, is OA. 1.8, inelastic OB. 0.6, elastic OC. 0.6, inelastic OD. 1.8, elastic so the supply of lead Joe's Meat Ples wants to increase the quantity of meat pies that it sells by 8 percent. The price elasticity of demand for meat pies sold by Joe's Meat Pies is 4.0, What is the percentage price out that will achieve the firm's objective? The percentage price cut is percent Cat 8.00 7.00 6.00 5.00 4.00 3.00 $2.00 1.00 0.00 Price (dollars per ton) 1 Quantity (milions of tons per month) s Li ►
12. Define price elasticity. Explain it’s various methods? Short answer plz
If a 5 percent rise in the price of sushi increases the quantity of soy sauce demanded by 2 percent and decreases the quantity of sushi demanded by 1 percent, calculate the a. Price elasticity of demand for sushi. b. Cross elasticity of demand for soy sauce with respect to the price of sushi.
25
EE Course: Gen... MIDTERM EX... E-LEARNING SYSTEM (ACADEMIC) CAMS2003__.. in ar TRODUCTIỌN TO FOOD AND RESC CONOMICS (10+20)|| Spring 21 tion A decrease in quantity demanded is, graphically, represented by: a. A leftward shift in the demand curve. b. A movement down and to the right along a demand curve. ut of C. Arightward shift in the demand curve. O d. Amovement up and to the left along a demand curve. DUS PAGE ation 'lriaמrח n"Al
Typed thanks
An increase in the quantity of hybrid cars supplied would be caused by which of the following? A. An increase in the demand for hybrid carsB. A decrease in the demand for hybrid carsC. Higher prices of car batteriesD. Lower prices for gasoline
15. Holding all else constant, a higher price for ski lift tickets would be expected to O A. increase the number of skiers O B. decrease the demand for other winter recreational activities O C. Decrease the supply of ski resorts O D. Decrease demand for skis
Exhitbit SD.2 DI D2 |Quantity Refer to the above Supply-Demand diagram. One of the following factors causes the shift from S1 to S2, O the demand for low-fat meals has risen. O consumer income may have risen. O the quantity of resources used in the production of low-fat mcals has risen. demand for popular hcalthy foods increased. Price E.