--%>

Supply of good in competitive economy

When the supply of a good shrinks in a competitive economy, there tends to be a raise in the: (1) Product price. (2) Incomes of producers. (3) Demand for resources. (4) Quantity supplied.

Can someone please help me in finding out the accurate answer from the above options.

   Related Questions in Microeconomics

  • Q : Explain facing horizontal line by

    When the demand curve facing a firm is a horizontal line, then there demand is perfectly: (w) elastic at each quantity. (x) inelastic where quantity demanded is zero. (y) insensitive to the price of good. (z) unresponsive to changes within the prices

  • Q : Earn normal accounting profit in the

    When a purely competitive industry is into long run equilibrium, in that case a typical firm can: (w) earn normal accounting profit although only zero economic profit. (x) incur economic losses when these are offset by accounting prof

  • Q : Maximum economic profits in purely

    For this purely competitive firm, area P2P1de shows: (1) fixed cost (TFC). (2) losses, but the minimum possible economic loss. (3) average fixed cost (AFC). (4) maximum economic profits. (5) the rate of return on investment.

  • Q : Categorizing goods into intermediate

    Describe the basis of categorizing goods into intermediate and final goods. Give appropriate illustrations.

  • Q : Demand rises for relatively price

    Alyssa’s Floral Shoppe dropped its prices for a dozen roses by $45 to $35 this annum. Due to this decrease into price, the quantity sold increased from 1000 to 1500. The demand for Alyssa’s rises is: (1) perfectly price elastic. (2) relati

  • Q : Set price equal to produce output

    Assume that HoloIMAGine’s patents for holographic technology lapsed, as well as entry of new competitors within this market eroded the demand for HoloIMAGine technology, even though the firm retains several market power since competitors’

  • Q : Earn incentive to work When welfare

    When welfare recipients are needed to pay back $1 of benefits for each $1 of wages they earn, it will: (w) enhance the incentive to work. (x) weaken the incentive to work. (y) have no effect on the incentive to work. (z) reduce welfare benefits to the

  • Q : Definition of Craft Unions I have a

    I have a problem in economics on Craft Unions. Please help me in the following question. The craft union: (i) Is organized about a specific skill. (ii) Bargains for all the workers in a specific industry. (iii) Represents the workers, whereas an indus

  • Q : What drives market towards their

    What drives market towards their equilibrium?

  • Q : Determine unitarily elastic demand of

    Assume that many students have fixed “pizza budgets.” When the price per slice falls by $10 to $1 along such demand curve for pizza weekly near a college campus, then the price elasticity of demand for pizza: (w) rises towards infinity. (x