The principle of Law and Supply is an Economic theory that explains how supply and demand are related to each other and how that relationship affects the price of goods and services. It's a fundamental economic principle that when supply exceeds demand for a good or service, prices fall. When demands exceeds supply ,prices tend to rise.
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Answer:
Option (d) $16,008.17
Explanation:
Data provided in the question:
The price of the Firebird in 1969 = $2,500
Price index in 1969 = 36.7
Price index in 2013 = 235
Now,
The price of the Firebird in 2013 dollars will be
= [ Price index in 2013 ÷ Price index in 1969 ] × The price of the Firebird in 1969
= [ 235 ÷ 36.7 ] × $2,500
= 6.40327 × $2,500
= $16,008.17
Hence,
Option (d) $16,008.17
Answer:
a. increase price in the short run but not in the long run.
Explanation:
The firms don't use resources that are available in limited quantities. So, as firm output increases, they can use resources in higher quantity but at the same price.
Therefore, as quantity demanded increases, the firms can supply higher quantity without any increase in resource cost. So, price increase in short run but not in the long term.
Answer: Expropriation
Explanation:
Expropriation means to take possession of a private property for public use.
Expropriation can be defined as the process by which government takes over private owned properties against the wishes of the owners.
Government takes over those properties with the aim of using them to benefit the public. The property owners might be compensated.
The government expropriate private properties sometimes, for infrastructural purpose such as airport, highway and railway.
Expropriated properties are usually taken against the wish of the private owners.
