Ask Question
BusinessBusiness
29 September, 07:57

Sue raises the price of her paintings as more people buy them. Sue is acting based on

the law of demand.

the law of supply.

mercantilism.

market price variations.

+4
Answers (1)
  1. 29 September, 11:31
    0
    The correct answer is the law of supply.

    Explanation:

    In economics, the Law of supply is one that determines the quantity supplied by producers of a good depending on its price and other influencing factors.

    This means that if the supply quantity of the produced good increases, the price of the product will increase and vice versa.

    According to this law, a good increases as its price increases, keeping the remaining variables constant. The quantity offered is proportional to the price.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Sue raises the price of her paintings as more people buy them. Sue is acting based on the law of demand. the law of supply. mercantilism. ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
A firm first sets its strategies and then focuses attention on goals to accomplish them. a. True b. False
Answers (1)
Upon completing an aging analysis of accounts receivable, the accountant for Rosco Works prepared an aging of accounts receivable and estimated that $6,700 of the $99,700 accounts receivable balance would be uncollectible.
Answers (1)
Searcy has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2020, it is learned that the company's receivable from Hutley Inc.
Answers (1)
At the preston company, purchases are recorded at net amounts. on august 5, $40,000 worth of merchandise was purchased on account for terms of 2/10, n/30 and recorded for $40,000.
Answers (1)
Al's Car Shack believes its business has been hurt by a new administrative agency rule that creates excessive paperwork for the sale of used cars. In order to challenge the new rule, Al's Car Shack may 1.
Answers (1)
New Questions in Business
Lake Charles Seafood makes 550 wooden packing boxes for fresh seafood per day, working in two 10-hour shifts. Due to increased demand, plant managers have decided to operate three 8-hour shifts per day instead.
Answers (1)
In 2017, in a speech in China, Apple CEO Tim Cook stated that globalization is "great for the world ... I think the reality is you can see that countries in the world ... that isolate themselves, it's not good for their people.
Answers (1)
A demand curve that is horizontal indicates that the commodity
Answers (1)
An individual who make and sell goods and services are?
Answers (1)
Rhiannon Corporation has bonds on the market with 13.5 years to maturity, a YTM of 7.4 percent, a par value of $1,000, and a current price of $1,059. The bonds make semiannual payments. What must the coupon rate be on these bonds?
Answers (1)
Home » Business » Sue raises the price of her paintings as more people buy them. Sue is acting based on the law of demand. the law of supply. mercantilism. market price variations.
Sign Up Forgot Password?