select the correct answer. jack sells homemade chocolates and cookies. he expects the price of chocolates to…

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

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

Answer

Brief Explanations:

The law of supply states that, ceteris paribus, as the price of a good increases, the quantity supplied of that good increases. Jack expects the price of chocolates to rise around Valentine's Day, so he increases his production (quantity supplied), which is in line with the law of supply.

Answer:

C. law of supply