64) The law of supply states that an increase in the price of a good

increases the quantity supplied of that good along its supply curve

increases the supply of that good.

decreases the demand for that good.

decreases the quantity demanded for that good along its demand curve.

Answer is:

increases the quantity supplied of that good along its supply curve

a normal good.

an inferior good.

a substitute good.

a complementary good.

Answer is:

the marginal cost of providing ice cream cones increases as more cones are produced.

as the price of ice cream cones increases, the production technology is upgraded.

as the price increases, the opportunity cost of making ice cream cones decreases

all of the above

Answer is:

an increase in the price of watches

a decrease in the price of watch batteries if watch batteries and watches are complements

a decrease in consumer incomes if watches are a normal good

a decrease in the price of watches

Answer is:

an advance in the technology used to manufacture watches

an increase in the price of watches.

a decrease in the wage of workers employed to manufacture watches

manufacturers’ expectation of lower watch prices in the future.

Answer is: