Page 83 33 What determines supply Fill in the blanks to comp

Page 83 3.3. What determines supply? Fill in the blanks to complete the following statement regarding the relationship between price and supply Drag word(s) below to fill in the blank(s) in the passage. Suppose there is a 10% rise in the price of gasoline. Then, according to the law on the quantity of gasoline supplied to Conversely, if the price goes i, we expect quantity supplied WI as well. supply production costdrop up increase downdemand acBook Air

Solution

The law of supply states that other things remaining constant, the quantity supplied of a commodity increases with the increase in price and decreases with the decrease in price.

Thus, fill ups are as follows:

1. Supply

2. increase

3. down

4. decrease.