Consider the market in which bag producers operate. Suppose that the price ot a backpack rises. Explain how this event will change the quantity of backpacks supplied and the supply of backpacks today. A. The quantity of backpacks supplied increases and the supply of backpacks is unchanged B. The quantity of backpacks supplied decreases and the supply of backpacks also decreasesC. The qarery ot backpacks suppled rareases and the supply of backpacks also increasesD. The supply of backpacks is unchanged and the quantity of backpacks supplied decreases E. The supply of backpacks increases and the quantity of backpacks supplied is unchanged

A. The quantity of backpacks supplied increases and the supply of backpacks is unchanged

Explanation:

The law of supply states that the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.

If the price of backpack increases, the quantity of backpacks supplied would increase. This would lead to an upward movement along the supply curve.

There would be no change in supply.

Changes in price only leads to changes in quantity supplied.

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A

Explanation:

If the price of backpack increases, the quantity of backpacks supplied would increase.

answer; /// that is so (false);

rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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