Applying the Law of Supply
Quick
Check
Read the scenario, then answer the question.
A factory produces blue and green widgets at equal
production costs. In one day, the factory can make 20
widgets of either color. The factory has been making 10
blue and 10 green widgets per viay because both sell for
$5. Recently, the price of blue widgets has increased from
$5 each to $8 each.
How should the factory respond to the increase in price
of blue widgets?
O by decreasing the number of blue widgets produced
O by increasing the number of blue widgets produced
O by increasing the number of green widgets
produced
O by not changing the number of blue widgets
produced
Answers (1)
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