Which of the following is the best example of the law of supply?
a) A sandwich shop increases the number of sandwiches they supply every day when the price is increased
b) A food producer increases the number of acres of wheat he grows to supply a milling company
c) A catering company buys a new dishwasher to make their work easier
d) A milling company builds a new factory to process flour to export
Ans: a) A sandwich shop increases the number of sandwiches they supply every day when the price is increased
You might also like to view...
Prices ration goods to
A) the people who most deserve it. B) the people with the lowest opportunity cost of time. C) the people willing and able to pay the highest price. D) the richest people.
Each of the following conditions, except one, must be satisfied in a perfectly competitive labor market. Which is the exception?
a. There are a large number of buyers of labor services. b. Wages are the sole source of household income. c. There are no barriers to entering the market. d. There are a large number of sellers of labor services. e. All workers appear the same to buyers of labor services.