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 : Profit-maximizing to make economic

This profit-maximizing brickyard of below illustrated figure on the average is, about: (i) making an economic profit of $8 per thousand bricks. (ii) incurring variable costs of $90 per thousand bricks. (iii) suffering an accounting loss of $2 per thou

Q : Excess demand in macro economics What

What is meant by Excess demand in macro economics: In macro economics, if aggregate demand is greater than aggregate supply at full employment level, then there is excess demand.

Q : Problem Based on Economic Rent Location

Location or site rents are as: (w) unrelated to the geographic location of a firm in a market. (x) determined from the fertility of land. (y) generated while a firm’s location allows this to charge more for its output or to pay less for its inpu

Q : Exploiting the economies of Scope Bobby

Bobby Lee’s dairy has gainfully expanded beyond butter, fresh milk and cheese, by providing Organizmic Fertilizer, guided by ATV tours for the visitors, and Granny Lee’s Exfoliating Body Yogurt. The Clyde County Business News trumpets that the Bobby Lee ha

Q : Define Marginal rate of Substitution or

Marginal rate of Substitution (MRS): It is the rate at which a consumer is prepared to give up one good to get the other good.

Q : Concentration ratio Explain the concept

Explain the concept of a concentration ratio. Is the concentration ratio in a monopolistically competitive industry likely to be higher than for a perfectly competitive industry

Q : Pure competition in product and

When no goods generate external costs or benefits within their consumption or production and when the income distribution is deemed acceptable, in that case economic efficiency is promoted through: (w) government inte

Q : Demography of Wealth and Poverty

Poverty within the United States can be explained most properly by: (w) differences in effort and sacrifice. (x) voluntary choices of low income persons to consume more leisure at the expense of more income. (y) monopsonistic exploitation of labor by

Q : Normal and Inferior Goods Can someone

Can someone help me in finding out the precise answer from the given options that when a fixed level of national income becomes appreciably less evenly distributed as the numbers of relatively poor people and relatively prosperous people both raise dr

Q : Price elasticity of supply computations

At a $2 price per can, there quantity of applesauce supplied per day is 1000 cases; and at $4, the quantity supplied is 3000 cases per day. Therefore price elasticity of supply is: (i) 2/3. (ii) 1/3.(iii) 3/2. (iv) 1/4.

Discover Q & A

Leading Solution Library

Avail More Than 1421467 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1929047
Asked

3,689

Active Tutors

1421467

Questions
Answered

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

Submit Assignment