Ask Question
BusinessBusiness
15 October, 08:24

According to the law of supply, if the price of pencil increased, everything else held constant

1) the supply of pencil would decrease

2) the quantity supplied of pencils would increase

3) the demand for pencils would increase

4) the supply of pencils would be unchanged

+5
Answers (2)
  1. 15 October, 09:43
    0
    2) the quantity supplied of pencils would increase

    Explanation:

    Law of supply: The law of supply deals with the price and quantity supplied and other things remain constant.

    It shows a direct relationship between the price of goods and the quantity supplied of a goods, that means when the price of pencil increased, then the quantity supplied of pencil would be increased.

    All other options are incorrect, except 2nd option
  2. 15 October, 10:35
    0
    2) The quantity supplied of pencils would increase.

    Explanation:

    The Law of supply states that, as the price of a good or service increases, the quantity of the goods or services supplied will also increase with all other factors being constant. This explains that as the price of a commodity increases, producers are motivated to supply more of that particular commodity in the market.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “According to the law of supply, if the price of pencil increased, everything else held constant 1) the supply of pencil would decrease 2) ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Because shifts in aggregate demand are not viewed as being particularly important toaggregate output fluctuations, they do not see much need for activist policy to eliminate highunemployment.
Answers (1)
Suppose that a planet fitness studio has fixed expenses of $7500 per month and variable expenses of $4.99 per member per month. how many pf black card members (described in the case) would the studio need each month to break even
Answers (1)
Discuss whether you agree with the following statement: "The problem with economics is that it assumes that consumers and firms always make the correct decisions. But we know that everyone makes mistakes."
Answers (1)
The Starfire Coffee chain was the only coffee-shop chain and meeting place in many American cities for more than 12 years. People paid $5 for a mug of peppermint coffee and the experience of sitting in front of a roaring fire, chatting with friends.
Answers (1)
For each of the decisions below, indicate whether the decision maker would be more likely to get information from the financial (F) or cost (C) accounting system of McDonald's (in addition, perhaps, to other information). a.
Answers (1)
New Questions in Business
Which education level has the highest return on investment (ROI) ? A) High School Diploma B) Bachelor's Degree (4 years of college) C) Senior in High School D) ROI is equal for all of the above.
Answers (1)
In 2019, Meghann Carlson, a single taxpayer, has QBI of $129,100 and modified taxable income of $103,280 (this is also her taxable income before the QBI deduction). Given this information, what is Meghann's QBI deduction
Answers (1)
Which of these is not a factor you need to consider when choosing a bank? a. The number of ATM machines b. Branch locations c. How often you need access to your money d. The amount of money you paid in income taxes last year
Answers (1)
A margin of safety of 30% means that every dollar in revenue generated thirty cents in profit. A. True B. False
Answers (1)
Which of the following groups has the responsibility for identifying and deciding the appropriate accounting treatment for recording or disclosing contingent liabilities? A) Auditors B) Legal counsel C) Management D) Management and the auditors
Answers (1)
Home » Business » According to the law of supply, if the price of pencil increased, everything else held constant 1) the supply of pencil would decrease 2) the quantity supplied of pencils would increase 3) the demand for pencils would increase 4) the supply of
Sign Up Forgot Password?