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 : Open Shop-union membership Firms which

Firms which employ workers devoid of needing any form of either union membership or dues are the: (i) Agency shops. (ii) Laissez-faire shops. (iii) Union shops. (iv) Closed shops. (v) Open shops. Can someone please help me in findi

Q : Mixed economic resolves essential

Why do some people think that a mixed economic system resolves essential economic problems?

Q : Changes in supply of loanable funds The

The supply of loanable funds changes positively along with the: (w) willingness of people to defer consumption in the future. (x) profitability and productivity of new capital investments. (y) price of the output about new capital will produce. (z) fu

Q : Monopsony Power and Immobility of Labor

Immobility of the labor is significant economically as: (1) Most of the people like to move, however cannot. (2) People in high salary occupations won't be completely compensated for the costs and difficulties related with their occupations. (3) It we

Q : Laws and Regulations-Seller of the good

The Caveat venditor is an ancient legal doctrine which, when the products are defective or fraudulently symbolized, imposes legal liabilities on: (1) Seller of the good. (2) Government, for failing to save consumers. (3) Resource owner. (4) Buyer, for failing to use d

Q : International federal or agreements and

Consider goods for that various people are willing and capable to pay much more than the costs of production therefore widespread shortages exist. International federal or agreements, state and local laws as well as regulations are probably key factor

Discover Q & A

Leading Solution Library

Avail More Than 1433077 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1922893
Asked

3,689

Active Tutors

1433077

Questions
Answered

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

Submit Assignment