QUESTION IMAGE
Question
after the last day of school, everyone was looking forward to spending more time at the beach and in the pool. people were willing to pay a dollar more for each bathing suit than they had been willing to pay in march.
what probably happened to the quantity of bathing suits supplied?
it probably went up. it probably went down.
In economics (a subfield of Business), the law of supply states that as the price of a good (here, bathing suits, with people willing to pay more) increases, the quantity supplied by producers generally increases, assuming other factors are constant. After school ends, demand for bathing suits rises (people pay more), so suppliers are likely to supply more to take advantage of the higher price.
Snap & solve any problem in the app
Get step-by-step solutions on Sovi AI
Photo-based solutions with guided steps
Explore more problems and detailed explanations
It probably went up.