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.

View Complete Question

Related Questions in Microeconomics

Q : Perfectly price inelastic and price

A vertical demand curve (when one existed) would be ____________ _____________ during its entire range when a horizontal demand curve is ____________ ____________: (w) relatively price inelastic; perfectly price inelastic (x) perfectly price elastic; perfectly price i

Q : Relatively less elasticity of demand

Relative to demand curve D0D0, demand curve DD: (i) is relatively more elastic than D0D0 at a price of P1. (ii) is relatively more elastic than D0D0 at a price of P2. (iii) is relatively less elastic fo

Q : Monopsony and Marginal Resource Costs

The marginal resource cost for the monopsonist in labor market which can’t discriminate the wage: (1) Is perfectly inelastic. (2) Lies beneath the market supply of labor. (3) Lies above market supply of the labor. (4) Is perfectly elastic.

Q : Define bank rate Bank rate : This is

Bank rate: This is the rate of interest at which central bank provides loan and advance to commercial banks.

Q : Problem regarding analyzing persistent

In analyzing persistent shortages within the U.S. market for adoptable children: (w) children are most reasonably considered investment goods. (x) children might reasonably be functioned as consumer goods. (y) lower prices charged adopting families would result within

Q : Uncertainty and Decision-making I have

I have a problem in economics on Uncertainty and Decision-making. Please help me in the following question. The error of omission would be: (i) The failure of an individual to invest in Microsoft 20 years ago. (ii) Individual cheating on a test. (iii)

Q : Law of Supply Law of Supply : Supply

Law of Supply: Supply means the goods provided for sale at a price throughout a particular period of time. This is the capacity and intention of the producers to gen

Q : Monopsony Power-sole buyer Can someone

Can someone please help me in finding out the accurate answer from the following question. The firm which is the sole buyer of a specific good or resource is the: (1) Monopsonist. (2) Conglomerate. (3) Price discriminator. (4) Plutocracy. (5) Bilateral monopolist.

Q : Monopsonist problem I have a problem in

I have a problem in economics on Resources and Products Flow Model. Please help me in the following question. The firm which is the sole buyer of a specific good or resource is the: (i) Monopsonist. (ii) Conglomerate. (iii) Price discriminator. (iv) P

Q : Arc elasticity for labor of demand The

The arc elasticity of Bosun’s demand for labor between point d and point e is roughly: (1) one. (2) 1.25. (3) 2.50. (4) 3.75. (5) 5.00.

Discover Q & A

Leading Solution Library

Avail More Than 1442598 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1924880
Asked

3,689

Active Tutors

1442598

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment