Which of the following examples best describes the Law of Supply?
A) When the cost of production of cotton increased, all suppliers' willingness to accept decreased.
B) When the market price of pens increased, sellers started supplying more pens.
C) When the cost of production of cotton fell, the market price of cotton also fell.
D) When the market price of pens increased, sellers started supplying fewer pens.
B
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Limits to self-interested payoff maximization that have been studied by behavioral economists include
a. limited cognitive ability. b. limited willpower. c. limits to self interest. d. all of the above.
Nation;s real GDP was $520 billion in 2013 and $550 billion in 2014. Its population was 150 million in 2013 and 155 million in 2014. On the other hand, Nation B's real GDP was $200 billion in 2013 and $210 billion in 2014; and its population was 53 million in 2013 and 55 million in 2014. Which of the following statements is true?
A. Nation A's real GDP growth in 2014 is higher than Nation B's B. Nation B's real GDP growth in 2014 is higher than Nation A's C. Nation A's real GDP growth in 2014 is identical to Nation B's D. Nation A's and Nation B's real GDP growth rates in 2014 are both higher than 10%