The Table Given Below Reports the Quantity Demanded of a Good

question 57

Multiple Choice

The table given below reports the quantity demanded of a good by individuals 1, 2, and 3 at different prices.Table 3.1

-Which of the following is true of the law of supply?

• A)The law of supply is the sole determinant of market prices.
• B)The law of supply states that as the price of a good rises, the quantity supplied rises.
• C)The law of supply holds good only in the long-run.
• D)The law of supply is valid only in a market system of allocation.
• E)The law of supply asserts that as the cost of producing a good rises, the quantity supplied rises.

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Definitions:

Direct Behavioral Observation

A method of assessing individuals by directly watching their behaviors in natural or structured settings.

Narcissism

A personality characteristic involving arrogance, self-centeredness, and a lack of empathy for others.

Acquaintanceship Effect

A phenomenon that suggests the more people know each other, the more they will like each other.

Boundary Condition

Conditions under which a theory or hypothesis holds true or a system operates within its intended parameters.