Question

select the correct answer. jack sells homemade chocolates and cookies. he expects the price of chocolates to increase around valentines day, so he prepares to make more chocolates in february. which economic concept lies behind jacks decision to make more chocolates in february? a. equilibrium b. law of demand c. law of supply d. negative externality e. positive externality

Explanation:

The law of supply states that, ceteris paribus, as the price of a good is expected to increase, the quantity supplied of that good will increase. Jack expects the price of chocolates to rise around Valentine's Day, so he increases the quantity he plans to supply (make more chocolates).

Answer:

C. law of supply