What Will Happen If the Price of a Good Is

question 90

Multiple Choice

What will happen if the price of a good is low?

• A) Firms would increase profit by increasing output.
• B) Quantity supplied could be zero.
• C) The supply curve for the good will shift to the left.
• D) Firms should raise the price of the product.

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Definitions:

Scatterplots

Graphical representations that use Cartesian coordinates to display values for typically two variables for a set of data.

Linear Model

A statistical model that assumes a linear relationship between the input variables and the single output variable.

Model

In science and engineering, a model is a simplified representation of a system or phenomenon, used to simulate and analyze its behavior.

Applicable

Capable of or suitable for being applied; relevant or appropriate in a given situation.