Asked by Mathew Temisan on Jun 04, 2024
Verified
If the price of contact lenses doubles,
A) quantity supplied will rise.
B) quantity supplied will fall.
C) supply will rise.
D) supply will fall.
Quantity Supplied
Refers to the amount of a good or service that producers are willing and able to sell at a given price over a specified period.
Contact Lenses
Thin optical lenses worn directly on the eyes to correct vision or for cosmetic purposes.
- Identify the difference between modifications in quantity supplied and changes in overall supply.
Verified Answer
TL
Tidimalo LegwaseJun 09, 2024
Final Answer :
A
Explanation :
When the price of contact lenses doubles, the quantity supplied will rise because suppliers are more willing to produce and sell more at higher prices, assuming other factors remain constant. This is a basic principle of supply in economics.
Learning Objectives
- Identify the difference between modifications in quantity supplied and changes in overall supply.