Hola
I) Complete the following phrase: (4 points)
The law of demand states that as the price of a good (increases/decreases) __________, the quantity demandedof the good (increases/decreases) __________. As the price (increases/decreases) __________, the quantity demanded of that good (increases/decreases) __________.
II) In yourown words, explain the law of supply. (4 points)______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
III) Create a table imagining the supplyschedule for a product you consume. Using the figures form that table, create a supply curve. (5 points)
IV) Explain the difference between a movement along the supply curveand a shift in the supply curve. (4 points)_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
V) Using an appropriate diagram and your knowledge of the determinants of supply, explain why the supply of rice might decrease. (6 points)...
Regístrate para leer el documento completo.