If the Price of a Good Increases

question 2

Multiple Choice

If the price of a good increases:

• A) the quantity supplied will decrease
• B) the quantity supplied will increase
• C) the supply will increase
• D) the supply will decrease

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Definitions:

Hot Dogs

A type of cooked sausage, usually grilled or steamed and served in a sliced bun as a sandwich.

Hamburgers

A popular food item consisting of cooked ground meat, usually beef, placed inside a sliced bun, often served with various condiments and toppings.

Cattle Ranchers

Individuals or businesses involved in raising cattle primarily for meat production, operating within the agricultural sector.

Supply Curve

Represents the relationship between the price of a good and the quantity of the good that producers are willing to supply, usually depicted as upward sloping on a graph.