consider the market for economics textbooks. explain whether the following events would cause an increase or…
consider the market for economics textbooks. explain whether the following events would cause an increase or a decrease in supply or an increase or a decrease in the quantity supplied.\na. the market price of editorial services increases. this will cause a(n)\na. increase in supply.\nb. increase in quantity supplied.\nc. decrease in supply.\nd. decrease in quantity supplied.\nb. the market price of economics textbooks increases. this will cause a(n)\na. increase in supply.\nb. increase in quantity supplied.\nc. decrease in supply.\nd. decrease in quantity supplied.
Answer
Brief Explanations:
In economics, according to the law of supply, an increase in the price of a good or service leads to an increase in the quantity supplied. When the market price of editorial services increases, suppliers are willing to provide more of them, which is an increase in quantity supplied. Similarly, when the market price of economics textbooks increases, the quantity supplied of economics textbooks increases.
Answer:
a. B. increase in quantity supplied b. B. increase in quantity supplied