Larger Quantities of Any Good Will Be Supplied at Higher

question 96

Multiple Choice

Larger quantities of any good will be supplied at higher prices because

• A)consumers will be more satisfied
• B)higher prices attract resources from other uses
• C)people are naturally lazy and have to be bribed to give up their leisure
• D)price and quantity supplied are inversely related
• E)of the law of decreasing opportunity cost

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Definitions:

Judgment Pro Rata

A legal principle where the amount awarded or decided in judgment is distributed proportionally among creditors or claimants based on the size of their claims.

Personal Property

Assets or belongings that are not attached to or part of real estate; movable property.

Chattel

Tangible personal property that is movable as opposed to real property or real estate.

Patent

A legal right granted by a government to an inventor, giving exclusive rights to the patented process, design, or invention for a certain period.