Chapter 3: The Market at Work: Supply and Demand E Page 85 3.3. What determines

Question

Chapter 3: The Market at Work: Supply and Demand E Page 85 3.3. What determines supply? Fill in the blanks to complete the following statement regarding the relationship between price and supply. Drag word(s) below to fill in the blankfs) in the passoge. . Suppose there is a 10% rise in the price of gasoline. Then, according to the law of the quantity of gasoline supplied to. willias well we expect Conversely, if the price goes quantity supplied supply demand down up increase production cost drop

Explanation / Answer

Answer:

The law of supply states that other things remaining constant, the quantity supplied of a commodity increase with the increase in price and decreases with the decrease in price.

Thus, fill ups are as follows:

(A). Supply

(B). increase

(C). down

(D). decrease.

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