Answer:the answer is B hope this helps
Explanation:
This definition of law is known as legal positivism.This philosophy lays a greater emphasis on the conventional nature of law and it is associated with positive norms which are made by the legislatures.Afterward, these laws are considered as common laws which must be enforced.
First of all, a <em>supply curve</em> is a chart in Economy that shows us the relation between Price and Quantity of a certain good or service. Several factors may cause this curve to shift to the left or right, e.g.: An increase of customers' purchase power, the decrease of the need for a certain product by the population, and so on...
a. Resource prices rise is another example, and would cause the supply curve to shift to the left. As with it, the final price of the products that depend on this given resource for their production, would rise, hence causing their buyers to purchase fewer quantities of them.
b. If a quota is placed on a good, it would also cause this good's final price to rise, hence causing the consumers to buy less, hence shifting the curve to the left as well.
<em>Note: </em>Of course, these are assuming that the goods in question are <em>non-essential </em>goods. That is, people may choose to buy less of them. In case of essential goods (like toilet paper, or electric power for example), people would still consume it regardless of changes in price! And in that case, the curve would stay still, or even shift slightly to the right, upon a price rise.
<u>Question 1</u>
The correct answer is: "FALSE".
The total revenue earned by a firm is computed using the formula:
R= price * quantity
According to the formula, if the term "price" increases, R would increase too. But an increase in price usually decreases the amount demanded by consumers of a certain product. Therefore, if quantity demanded drops in a higher proportion than the increase in price, the final total revenue would decrease. So the final effect depends on the size of the two variations.
<u>Question 2</u>
<u>The determinants of demand are the following:</u>
- Price: inversely related to the quantity demanded, as the larger the price the smaller the amount demanded of a product.
- Income of consumers: directly related. The larger the income earned by an economic agent, the larger the amount demanded of a normal good (there are exceptions, such as inferior goods, for which income and demand are inversely related).
- Prices of related goods of services. If two goods are substitutes, the increase on the price of one, decreases the amount demanded of that product but increases the amount demanded of the other product. It two goods are complements, the increase in the price of one good decreases the amount demanded of it, and the amount demanded of the other product too.
- Tastes or preferences of consumers. If a product is in line with the general preferences of consumers the amount demanded will be large.
- Market expectations. For example, if a price is expected to rise, consumers might prefer to buy now and therefore demand increases at the moment.