Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which one of the following statements is correct? A. A rise in price of good will cause the supply curve of that good to shift

Which one of the following statements is correct?

A. A rise in price of good will cause the supply curve of that good to shift to the right

B. A fall in the price of a good will result in a straight forward shift of the demand curve, Cerberus paribus

C. A quantity demanded of a good depends on the availability of the good

D. Demand is a synonym for wants.in other words, if the consumer demands a good it simply means he wants that good

E. A decrease in the prices of the factors of production used to produce a certain product will give rise to an increase in the supply of the product

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Economics questions