Determining Market Price

The amount that a good is sold for is its

What happens when the price of a good increases?

A supply schedule shows how prices affect the

When a company produces goods for sale, those goods must be

A factory produces blue and green widgets, both at equal production costs. In one day, the factory can make 20 widgets of either color. The factory has been making 10 blue and 10 green widgets per day because they both sell for $5.00. Recently, the price of blue widgets has increased from $5.00 each to $8.00 each. How does the law of supply say the factory will respond to the increase in the price of blue widgets?

When prices for homes rise, why might construction companies decide to build more homes?

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?

Which best explains why the law of supply operates the way it does in a free enterprise economy?

The law of supply demonstrates the behaviors of producers when they

Which best describes the role the availability of resources plays when a company is considering whether to produce a certain good?