Under the basic principle of supply, as the price goes down, manufacturers and suppliers of a product tend to supply less of the product to the market.Select one:TrueFalse

The supply of a good available in a market is likely to decrease when:A.new regulations increase the cost of making the product.B.new technology makes producing the product cheaper.C.the number of workers able to make the product increases.D.companies believe that the product's selling price will go up

Law of Supply - The tendency of suppliers to offer more of a good at a higher price.Question 7AnswerTrueFalse

Why is the supply curve upward-sloping?Multiple choice question.Producing significantly more of a product involves increased costs so the price of the good must rise for sellers to be willing and able to increase the quantity of the good they supply to the market.Producing significantly more of a product involves increased costs so the price of the good must fall for sellers to be willing and able to increase the quantity of the good they supply to the market.Producing significantly more of a product involves decreased costs so the price of the good must rise for sellers to be willing and able to increase the quantity of the good they supply to the market.

In a competitive market, if the existing price is below the equilibrium price, market forces will drive the price:Multiple Choiceup and quantity supplied up.down and demand down.up and supply up.up and quantity supplied down.

A product's price will increase the most if:A.its demand remains the same but its supply goes up.B.its supply remains the same but its demand goes down.C.its supply and demand both fall at the same rate.D.its supply declines while its demand goes up.SUBMITarrow_backPREVIOUS