The amount that a good is sold for is its
  • quantity of a good supplied by a producer.
  • The quantity of goods that are produced increases.
  • Price.
  • To make a profit.
Scientists have created a new grass seed that stops grass growth at a specific length, eliminating the need to mow the lawn. The price of this seed is high, but many consumers still want to use it. As a result, several different producers supply a large amount of this seed to consumers. In order to attract consumers to their product, some producers lower their prices and supply fewer bags of seeds.What is the best description of the grass seed that is described in this scenario?
  • supply goods to consumers.
  • Companies want to be as profitable as possible.
  • created in ways that meet consumer demand.
  • a good with an elastic supply
The law of supply demonstrates the behaviors of producers when they
  • supply goods to consumers.
  • a good with an elastic supply
  • Companies want to be as profitable as possible.
  • created in ways that meet consumer demand.
Which best describes the role the availability of resources plays when a company is considering whether to produce a certain good?
  • The quantity of goods that are produced increases.
  • To make a profit.
  • by increasing the number of blue widgets supplied
  • If a resource is difficult to obtain, production costs will be high.
A supply schedule shows how prices affect the
  • If a resource is difficult to obtain, production costs will be high.
  • The quantity of goods that are produced increases.
  • quantity of a good supplied by a producer.
  • by increasing the number of blue widgets supplied
When prices for homes rise, why might construction companies decide to build more homes?
  • To make a profit.
  • If a resource is difficult to obtain, production costs will be high.
  • The quantity of goods that are produced increases.
  • Price.
Which best explains why the law of supply operates the way it does in a free enterprise economy?
  • Companies want to be as profitable as possible.
  • created in ways that meet consumer demand.
  • a good with an elastic supply
  • supply goods to consumers.
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