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How do the following goods conform to the general law of supply.
1. gasoline
2. cheating on exams
3. political favors from legislators
4. the services of heart specialists
5. children
6. legal divorces
7. the services of a minister

Can someone please help. I think I have an idea how to answer these, but I need some guidance on some. Thanks

2007-03-20 06:09:05 · 1 answers · asked by Kung 1 in Social Science Economics

1 answers

If by "the general law of supply" you mean providers are willing to supply more at higher market prices and less at lower, ceteris paribus, then you can examine each of these in the light of the "market price".

For instance, gasoline is an easy commodity to observe price changes in. Note that higher prices tend to be mitigated in the near future by higher production from refineries.

The others are tricky, so I'll suggest these angles:
2) Look at it from the perspective of cheating via "Selling" test answers
3) Take the approach that the demand price is related to campaign contributions prior to the election
5) Look at cost in terms of money-value-of-time (higher income parents face higher opportunity costs)
6) Look in terms of settlement and the way the divorce decree may redistribute the former couple's income

Best of luck!

2007-03-20 06:26:41 · answer #1 · answered by Veritatum17 6 · 0 0

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