Combine the facts on the following table with what you have read about the law of...
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Combine the facts on the following table with what you have read about the law of supply. Then answer the questions and choose the most likely generalizations below. U.S. Hog Production and Prices (in thousands) 1. What is the law of supply? Year Production Price per Hog 1980 67,318 38.00 1990 53,788 53.70 1992 57,649 41.60 1994 57,904 39.90 1996 57,150 51.90 1998 61,600 81.00 2. A sure sign that the law of supply is prevailing is when production and prices are up. In which year on the table does it appear that the law of supply is prevailing?. 3. How does the production of hogs differ from the production of a product that can be made in a matter of hours? 4. Based on your answer to question 3, when would you most likely see a decrease in the rate of hog production? 5. When would you expect an increase in the rate of hog production? 6. Did the production of hogs increase or decrese between 1980 and 1990? By how much? 7. Circle the letter of the generalization that is best supported by facts in the table. a, Farmers offer more hogs for sale when the price per hog is high. b. Farmers increase the production of hogs for sale after the price per hog goes up. Combine the facts on the following table with what you have read about the law of supply. Then answer the questions and choose the most likely generalizations below. U.S. Hog Production and Prices (in thousands) 1. What is the law of supply? Year Production Price per Hog 1980 67,318 38.00 1990 53,788 53.70 1992 57,649 41.60 1994 57,904 39.90 1996 57,150 51.90 1998 61,600 81.00 2. A sure sign that the law of supply is prevailing is when production and prices are up. In which year on the table does it appear that the law of supply is prevailing?. 3. How does the production of hogs differ from the production of a product that can be made in a matter of hours? 4. Based on your answer to question 3, when would you most likely see a decrease in the rate of hog production? 5. When would you expect an increase in the rate of hog production? 6. Did the production of hogs increase or decrese between 1980 and 1990? By how much? 7. Circle the letter of the generalization that is best supported by facts in the table. a, Farmers offer more hogs for sale when the price per hog is high. b. Farmers increase the production of hogs for sale after the price per hog goes up.
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1 The law of supply states that as the price of a good or service increases the quantity supplied by producers also increases all other factors being ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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