객관식
According to the law of supply, price and quantity supplied move in which way?
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3. The Market Forces of Supply and Demand
The Supply Curve
객관식
In microeconomics, what does the law of supply suggest about the relationship between the price of a good and the quantity supplied, holding other factors constant?
A
As the price of a good rises, the quantity supplied decreases, ceteris paribus.
B
The quantity supplied is independent of the price of the good as long as input prices do not change.
C
As the price of a good rises, the quantity supplied increases, ceteris paribus.
D
A change in the price of a good causes the entire supply curve to shift left or right.
검증된 단계별 안내1
Understand that the law of supply describes the relationship between the price of a good and the quantity supplied, holding other factors constant (ceteris paribus).
Recognize that according to the law of supply, when the price of a good increases, producers are willing to supply more of that good because higher prices can cover higher production costs and increase potential profits.
Express this relationship mathematically as: \(\text{Price} \uparrow \Rightarrow \text{Quantity Supplied} \uparrow\), holding other factors constant.
Note that this relationship is represented graphically by an upward-sloping supply curve, where the quantity supplied increases as the price rises.
Distinguish between a movement along the supply curve (caused by a change in the good's own price) and a shift of the entire supply curve (caused by changes in other factors like input prices, technology, or regulations).
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