The law of supply shows a positive relationship between price and the quantity that will be...
The law of supply shows a positive relationship between price and the quantity that will be supplied, holding all else constant. T OR F
6. If the price of good X increase, then the supply of good X will increase. T OR F
7. If supply increases, the supply curve will shift to the left.
8. Price is on the vertical axis for graphs of supply. T OR F
9. We observe that we have moved from one point on a supply curve to a higher point on a supply curve (up and to the right). From this we can conclude that supply has increased T OR F.
10. We observe that we have moved from one point on a supply curve to a higher point on a supply curve (up and to the right). This was caused by an increase in the price. T OR F
11. Price of X changes from $30 to $33 and the quantity supplied by producers of X does not change at all. From this we can determine that the supply curve (for this range of prices) is horizontal. T OR F
12. Changes in quantity supplied are caused by changes in ceterus paribus assumptions. T OR F
Homework Answers
5. True
Explanation: The law of supply states that holding all else constant, quantity supplied increases when price increases and quantity supplied decreases when price decreases.
6.True
Explanation: According to the law of supply states that holding all else constant, quantity supplied increases when price increases and quantity supplied decreases when price decreases.
7.False
Explanation: If supply increases, the supply curve will shift to the right
8. True
Explanation: Price is plotted on the vertical axis and quantity on the horizontal axis.
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The law of supply shows a positive relationship between price
and the quantity that will be...
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The law of supply reflects the positive relationship between price and quantity of a good supplied....
The law of supply reflects the positive relationship between price and quantity of a good supplied. O A. False O B. True Supply curves slope Therefore, the slope of a supply curve is O A. upward; positive OB. upward; negative
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