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3 years ago

What is the law of supply

2 answers:

7 0

The law of supply refers to the law that states as long as everything is equal/constant, when the price of a good or service increases, the quantity of the good or service will increase. This is also true to that if everything stays the same, but the price of a good or service decreases so will the quantity of the good or service. All factors have to remain equal for this to work. Price and quantity supplied of a good are directly related to each other.

Julli [10]3 years ago

4 0

The law of supply is a fundamental principle of economic theory which states that, other factors held constant, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes

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If the price level is 100 for 1996 and the price level is 103.3 in 1998, a nominal GDP in 1998 of $8,800 billion would mean that

ella [17]

Answer: b. $8,518.9 billion.

Explanation:

Nominal GDP is calculated with current prices which means that the effects of inflation are present.

Real GDP removes this effect by basing the GDP calculation on the prices of a previous period:

Real GDP = Nominal GDP * 100/ Price level

= 8,800 * 100/ 103.3

= $8,518.877

= $8,518.9 billion

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3 years ago

Choose the answer that best defines the marginal propensity to save (MPS). The share of all income earned that is devoted to sav

defon

Answer:

The share of each additional dollar of income earned that is devoted to saving rather than consumption.

Explanation:

The marginal propensity to save is defined as the fraction of increased income that is reserved for saving and not consumption, and it is the slope of the graph of income against savings.

For example if an individual earns an extra dollar and he has propensity to save of 0.5 that means out of the one dollar he will save 50 cents and spend the remaining 50 cents.

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3 years ago

On July 1, 2014, Agincourt Inc. made two sales.

sesenic [268]

Answer:

Explanation:

Date Account title and Explanation Debit Credit

1st july-14 Notes receivable $1,393,591

Discount on notes receivable ($1,393,591 - S600,100 - $317,900) $475,591

Land $600,100

Gain on disposal of land ` ($918,000 - $600,100) $317,900 ` (To record sale of land)

1-Jul-14

Notes receivable $404,300

Service revenue $404,300

` (to record service revenue)

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3 years ago

Which of the following criteria is most descriptive of a private liberal arts college?

Harlamova29_29 [7]

For the answer to the question which of the following criteria is most descriptive of a private liberal arts college. The answer is multiple choice letter <span>D. Personal attention from instructors in smaller classes.

I hope my answer helped you. Have a nice day!</span>

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3 years ago

Read 2 more answers

When the activity level changes, ______. Multiple select question. total variable cost changes variable cost per unit changes to

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When there is a change in activity level, then:

Total variable cost changes.
Variable per unit remains constant.

<h3>What happens when activity level changes?</h3>

As a result of the change in activity level, the variable cost will change in total because it increases when there is an increase in number of units produced.

The unit variable cost will however remain the same as the company incurs the same variable cost per unit produced.

Find out more on variable cost per unit at brainly.com/question/26373444.

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3 years ago