The law of supply and examples for it.

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Chapter 3, Problem 3CQ

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The law of supply and examples for it.

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What is the law of supply? How many of the following "goods" do you think conform to the general law of supply? Explain your answer in each case. a. Gasoline b. Cheating on exams c. political favors from legislators d. The services of heart specialists e. Children f. Legal divorces

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Complete the paragraph by filling in the blanks based on what you have learned from the lesson. Choose your answer from the words below. INCREASES PRICE SCHEDULE TECHNOLOGY LESSER PREFERENCES SUBSTITUTE PRODUCT CURVE WEATHER GOVERNMENT POLICY SEASONAL PRODUCTS SURPLUS SHORTAGE I learned additional lessons in Applied Economics. This week I learned about the law of supply which states that when the increases the quantity of products that the producer is willing to sell. and the law of demand which states that the higher the the the demand. To be able to analyze the demand and supply I can use the demand and supply and the demand and supply graphical representation of the relationship of price and quantity. I also understand that aside from price, there are other factors that may affect the supply some of these are and There are also factors that may affect demand like and I can say that it is better if there is market equilibrium which means that the quantity supplied and the quantity…