6) When the price of oranges increases, A) the supply of oranges decreases. B) t

Question

6) When the price of oranges increases, A) the supply of oranges decreases. B) the quantity of oranges demanded increases. C) the quantity of oranges supplied increases. D) the supply of oranges increases. E) none of the above 7) The law of supply reflects the fact that A) higher prices are more attractive to consumers because they signal a higher quality product B) suppliers have an incentive to use their resources in the way that brings the biggest return. C) the demand curve is downward sloping D) people buy more of a good when its price falls E) businesses can sell more goods at lower prices

Explanation / Answer

Answer for 6)

Demand Curve shows inverse relation of Price and Quantity and Supply Curve shows direct relation of Price and Quantity

When the Price of Oranges increase supply of oranges increase hence option A is incorrect & C, D are correct

When the Price of Oranges increase quantity of oranges demanded decrease option B is incorrect

When the Price of Oranges increase

C& D are correct

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