Asked by Rachel Osorio on May 06, 2024
Verified
When the price of lamps increases,the:
A) supply increases.
B) quantity supplied increases.
C) supply decreases.
D) quantity supplied decreases.
Quantity Supplied
The amount of a product that producers are willing and able to sell at a given price over a specific period.
Price of Lamps
The cost consumers pay for lamps, which can vary based on factors like design, brand, materials, and production costs.
Supply
Refers to the total amount of a product or service available for purchase at any given time.
- Comprehend the principle of demand and supply along with their influencing factors.
- Comprehend the association between variations in price and the resultant movements along or alterations in the demand and supply curves.
Verified Answer
KC
Kseniya ChepelovaMay 11, 2024
Final Answer :
B
Explanation :
When the price of lamps increases, the quantity supplied increases because suppliers are more willing to produce and sell more at higher prices, reflecting a movement along the supply curve rather than a shift of the supply curve itself.
Learning Objectives
- Comprehend the principle of demand and supply along with their influencing factors.
- Comprehend the association between variations in price and the resultant movements along or alterations in the demand and supply curves.