Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 3, Problem 3CQ
To determine
The law of supply and examples for it.
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What is the law of supply? How many of the following "goods" do you think conform to the general law of supply? Explain your answer in each case. a. Gasoline
b. Cheating on exams
c. political favors from legislators
d. The services of heart specialists
e. Children
f. Legal divorces
How does the law of supply and demand work?
Explain the circumstances where the law of supply may not hold.
Chapter 3 Solutions
Economics: Private and Public Choice (MindTap Course List)
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- Exceptions to the law of supplyarrow_forwardThe law of supply states that there is a positive relationship between the price of a good and the quantity supplied (supply curves representing the price and quantity demanded). From a business owners standpoint, if I was wanting to sell more of a good, I would want to lower the price. This doesnt make sense to me. In my head more quantity should mean lower price.arrow_forwardGive one reason for decrease in supply of a goodarrow_forward
- Explain The Nature of Demand?arrow_forwardThen graph the supply curve for the data set you chose.arrow_forwardSuppose that many vineyards in California were burned by wildfires during and shortly after the release of the movie Sideways. If both the quantity sold and price of Pinot Noir increased in the market after the movie release, what does this imply? Select one: a. The decrease in supply was greater than the increase in demand. b. The increase in demand was greater than the decrease in supply. C. The increase in supply was greater than the decrease in demand. d. The decrease in demand was greater than the increase in supply.arrow_forward
- Answer the attached questionarrow_forwardAt a given quantity supplied, what does the supply curve show?arrow_forwardQuestion 13: The law of supply states that, all else being equal, as price _____, the quantities supplied to the market _____. A increases, increases B increases, decreases C decreases, increases D decreases, decreasesarrow_forward
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