Which of the following examples illustrates quantity supplied?

Select the correct answer below:

Firm A's costs of production decreased, so it wants to sell more at any price.
Technology improvement has made it cheaper to produce TV's so producers want to supply more.
Firm B has to reduce production of watches and reinvest into producing jewelry which is more profitable.
The price of houses has increased dramatically so more homeowners want to sell their house.

Expert Solution

Answer - The price of houses has increased dramatically so more homeowners want to sell their house.

The quantity supplied is directly related with price. When the price of a commodity rises, quantity supplied also rises and vice-versa provided other things remains constant. When the price of houses increased, the quantity supplied of houses too increased.
The other options cannot be the example of quantity supplied as the supply is changing due to the change in the other factors, not due to price.

Rahul Sunny answered 2 years ago

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