Suppose That at Prices of $1, $2, $3, $4, and $5

question 27

Multiple Choice

Suppose that at prices of $1, $2, $3, $4, and $5 for product Z, the corresponding quantities supplied are 3, 4, 5, 6, and 7 units, respectively. Which of the following would increase the quantities supplied of Z to, say, 6, 8, 10, 12, and 14 units at these prices?

• A)improved technology for producing Z
• B)an increase in the prices of the resources used to make Z
• C)an increase in the excise tax on product Z
• D)increases in the incomes of the buyers of Z

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Definitions:

Victims

Individuals who suffer harm as a result of criminal activity, negligence, or another wrongful action.

Last Clear Chance Doctrine

A largely outdated principle of torts that the last person capable of avoiding the accident is wholly responsible.

Liability

Legal responsibility for one's actions or omissions, which can lead to civil duty or financial compensation.

Age

The length of time that a person or entity has been alive or in existence.