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.
d
Economics
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For the past 30 years, labor's share of national income ________ while labor productivity ________
A) fell dramatically, increased B) remained roughly constant, dropped C) remained roughly constant, increased D) increased modestly, dropped
Economics
Figure 5-3
Assume the market consists of three consumers with the demand curves in Figure 5-3. At a price of 1, the total market demand is
A. 40. B. 80. C. 140. D. 150.
Economics