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According to the law of supply, price and quantity move along a track in the same direction.
Keywords: Supply, law of supply, price and quantity supplied
Level; High school
Subject: Business
Topic: Demand and supply
Sub-topic: Law of supply
According to the law of supply, price, and quantity move in the same direction.
Further explanation:
Relationship between price and quantity:
Law of supply implies that with other factors constant, price, and quantity supplied of a good hold a positive relationship. With the rise in price of a good, quantity supplied of that good also rises when other factors are held fixed. Similarly, with other factors held fixed, quantity supplied of a particular good falls with fall in its price.
The rationale behind the law of supply:
The main economic concept behind this is that with an increase in price of a good, profits from producing that good rises with other factors being same. Other factors include cost of production to producers, and with no change in cost and rise in price, producers have an incentive to produce more to enhance their profits. In the same manner, producers have less incentive to produce more when price of the good falls as the profits also lowers down.
Therefore, as per the law of supply, price, and quantity move in the same direction.
Learn more:
1. Learn more about the Law of demand and supply
2. Learn more about the Demand and supply diagram
3. Learn more about the Demand and type of goods
Answer details:
Grade: Senior School
Subject: Economics
Chapter: Law of supply
Keywords: according, to, law, the law of supply, supply, demand, demand and supply, price, quantity, move, price and quantity, quantity supplied, quantity demanded, market forces, price relationship .
c. a monarchy.
b. an oligarchy.
d. an autocracy. Please select the best answer from the choices provided A B C D
Answer:
b
Explanation:
i said so
i also took the test
Answer:
c. Encoding, storage, and retrieval
Explanation:
In psychology, when it comes to memory, we divide it into three different stages:
Therefore, the three stages of memory include encoding, storage and retrieval.
The correct three stages of memory are encoding, storage, and retrieval. Encoding involves transforming information into a form that can be stored. Then, in the storage stage, this information is maintained over time. Retrieval involves accessing the stored information when needed. The correct option is c.
The three stages of memory include option c: Encoding, Storage, and Retrieval. Encoding is the initial stage of the memory process, in which information is converted into a form that can be stored in the memory. This is followed by storage, the second stage, in which the encoded information is maintained over time.
Finally, retrieval is the process of getting the information out of memory storage when it is needed. Options (a) sensory, short-term, and long-term refers to types of memory storage, while options (b) blocking, unlearning, and decay, and (d) consolidation, reconsolidation, and retrieval are aspects of memory processes, not stages of memory.
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