The Following Table Contains a Supply Schedule for a Good

question 328

Multiple Choice

The following table contains a supply schedule for a good. $$\begin{array} { | c | c | } \hline \text { Price } & \text { Quantit } \text { Supplied } \\\hline \$ 10 & 100 \\\hline \$ 20 & Q 1 \\\hline\end{array}$$ If the law of supply applies to this good, then Q1 could be

• A) 0.
• B) 50.
• C) 100.
• D) 150.

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Definitions:

Competitive Market

A market where numerous sellers compete to sell their goods or services to a large number of buyers, promoting efficiency and innovation.

Law of Demand

The economic principle that there is an inverse relationship between the price of a good or service and the quantity demanded, assuming other factors are constant.

Price

The total of money envisaged, necessitated, or expended as a payment for something.

Quantity Supplied

The total amount of a specific good or service that producers are willing and able to sell at a given price over a certain period of time.