Question

The following table contains a supply schedule for a good. If the law of supply applies to this good, Price Quantity suppiled $10 100 $20 Q1 If the Law of supply applies to this goods , then Q1 could be 1. 0 2. 50 3. 100 4. 150

Answer 1

The law of supply states that a higher price typically leads to a higher quantity supplied. In this case, if the quantity supplied at a price of $20 is Q1, it could be 150 units.

Step-by-step explanation:

A supply schedule is a table that shows the quantity supplied at different prices in the market. In this case, the table shows that at a price of $10, 100 units of the good are supplied. If the law of supply applies, we would expect that as the price increases, the quantity supplied also increases. Therefore, if Q1 is the quantity supplied at a price of $20, it could be 150 units, as this represents a higher quantity supplied at a higher price.