Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506893
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 usefulness on having a knowledge of supply and demand.
Chapter 3 Solutions
Microeconomics: Private and Public Choice (MindTap Course List)
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- Give one reason for decrease in supply of a goodarrow_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_forwardWhat is a demand schedule? What is a demand curve? What is the difference between a change in demand and a change in quantity demanded? What is a supply schedule? What is a supply curve? What is the difference between a change in supply and a change in quantity supplied?arrow_forwardAt a given quantity supplied, what does the supply curve show?arrow_forward
- Question 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_forwardAnswers plsarrow_forwardDemonstrate understanding the law of supplyarrow_forward
- Draw a supply and demand curve for cheeseburgers. Cattle farmers created a supplement to give to their cows that make them grow twice as large, what happens to the supply or demand of cheeseburgers? Why?arrow_forwardDecide if it is an increase (right shift) or a decrease (left shift) and write that next to the question. Then write the determinant of supply and a short explanation. Then draw a graph to show the shift. 8. Scientists successfully produce genetically modified pecan trees that can produce twice as many pecans per tree.arrow_forward21. How does the law of supply and demand affect the prices of goods and services?arrow_forward
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