1.Match the following situations to the best description in the pull-down menu: (List choices are decrease...
1.Match the following situations to the best description in the pull-down menu: (List choices are decrease in demand, increase in supply, decrease in quantity supplied, decrease in supply, increase in quantity demanded, increase in demand, increase in quantity demanded, increase in quantity supplied)
a. Firms offer more of the product for sale before an expected change to tax laws is implemented
b. Less of a product is offered for sale because of a decrease in its price
c.The law of demand states that a(n) _______ happens when price of a good increases.
d. Customers buy more of a good as its price becomes lower.
Homework Answers
a. Firms offer more of the product for sale before an expected change to tax laws is implemented-Increase in supply.
b. Less of a product is offered for sale because of a decrease in its price-Decrease in quantity supplied.
c.The law of demand states that a(n) _______ happens when price of a good increases.-Decrease in quantity demanded.
d) d. Customers buy more of a good as its price becomes lower.- Increase in quantity demanded.
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