Business High School

If all other factors are equal, what will happen to the supply of a product if the price goes up? A. The supply will increase. B. The supply will decrease. C. The demand will increase. D. The competition will decrease. Please select the best answer from the choices provided A B C D

Answers

Answer 1
The basic principle is that if the price of a product goes up, all other factors being equal its demand will go down and vice versa (law of demand). Since in this case the price goes up, the demand will go down. The law of supply states that hen prices rise, supply rises too (in order to make profit). There is no general model predicting whether the market will be more competitive or not. Thus, the best answer from the above is A.

Related Questions

In order to achieve price stability, inflation must be zero.
a. True
b. False

Answers

False, inflation does not need to be zero to achieve price stability. Although the ideal rate of inflation is zero, that's likely not going to happen. Most record a low inflation rate of of 1% give or take, but not zero. The key factor in price stability is to have a low and consistent inflation rate over time. 

Religions may be classified as "monistic" if they _________

Answers

have one creater that is believed in. It's also monotheistic not monistic.
Final answer:

Religions are classified as "monistic" if they believe that all reality is ultimately one, often seen as divine. Hinduism exemplifies monism by viewing all gods as aspects of a single reality, similar to the monistic views held by Christian Scientists. Classifications like monotheism, polytheism, and monism can overlap, showing the complexity and variation in religious beliefs.

Explanation:

Religions may be classified as "monistic" if they adhere to the belief that all reality is ultimately one. In the context of religion, monism often refers to the idea that there is a single unifying source or essence of all that exists, which can be seen as divine. This contrasts with monotheism, which is the belief in a single deity or god distinct from creation, and polytheism, which holds a belief in multiple deities. An example of monism can be found in certain interpretations of Hinduism, where there is a belief that all individual souls (atman) are part of a single universal essence (Brahman), and the many gods are viewed as different aspects of the one underlying reality. Also, Christian Scientists share similar monistic views, where the material world is considered to be an illusion or manifestation of the divine.

Other methods of classification include animism, which believes in the divinity of non-human entities, and totemism, that recognizes a divine connection between humans and other natural beings. However, categorizations can vary as some religious systems may have characteristics that overlap these categories. For example, the Christian notion of the Holy Trinity can challenge the strict definition of monotheism, similarly to how multiple manifestations in Hinduism challenge the definition of polytheism. It's important to understand that these classifications are not absolute and can be interpreted differently based on cultural perspective and scholarly analysis.

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Unlike other car rental agencies that are based in airports to serve travelers, wheelz-on-rent has a network of neighborhood offices. the firm strives to serve people who need car rentals for reasons other than vacation, such as when their own cars are being repaired. wheelz-on-rent caters to a small share of the large car rental market. from this description, it can be concluded that wheelz-on-rent most likely practices ________.

Answers

It can be concluded that the Wheelz On Rent most likely practices the concentrated marketing. Concentrated marketing is a type of strategy in which the products are being made and produced because of a specific segment of the population of the consumer of that they are likely to be made for a specific segment.

When economists are sketching examples of demand and supply, it is common to sketch a demand or supply curve that is close to vertical, and then to refer to that curve as ______________?

Answers

Inelastic. A demand curve that is close to vertical is said to be "inelastic," where the quantity demanded is almost independent, or not connected or related, to its price. An almost vertical supply curve is where there is a fixed or limited quantity and must determine the price despite this constraint. 

Out of the choices provided above, it can be concluded to state that when economists are sketching examples of demand and supply, a curve that is close to the vertical axis is a representation of demand or supply being inelastic. Therefore, the option A holds true.

What is the significance of inelastic curve?

An inelastic curve can be referred to or considered as a curve that represents a situation where the change in price does not lead to a change in the quantity demanded or supplied for the product in the economy.

Demand and supply are the economic determinants that are supported by the forces such as price and other economic factors. When a demand curve or a supply curve is inelastic, it is closer to the vertical axis on the graphical representation of the same.

Therefore, the option A holds true and states regarding the significance of inelastic curve.

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The missing options are added  below for better reference.

A. Inelastic

B. Elastic

C. Perfectly elastic

D. None of these

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