Question

The law of supply states that(1 point)
Responses

As price increases, quantity supplied will increase
As price increases, quantity supplied will increase

As price increases, quantity supplied will decrease
As price increases, quantity supplied will decrease

As price increases, quantity supply will remain the same
As price increases, quantity supply will remain the same

There is no law of supply. Supply is only related to demand.
There is no law of supply. Supply is only related to demand.
Question 7
What is the key incentive that influences consumers decision making in the marketplace?(1 point)
Responses

The free rider of an item
The free rider of an item

Demand of an item
Demand of an item

Supply of an items
Supply of an items

Price of an item
Price of an item
Question 8
If the price of an item goes up, why would a producer make more of those items?(1 point)
Responses

They will see a decrease in profit.
They will see a decrease in profit.

There is a decrease in demand
There is a decrease in demand

They will see an increase in profit
They will see an increase in profit

They will not produce more because market conditions did not change.

Answer 1

1. As price increases, quantity supplied will increase.

7. Price of an item.

8. They will see an increase in profit.