Question

Newton bay is a sparsely populated area. the goveselect the correct answer. jack sells homemade chocolates and cookies. he expects the price of chocolates to increase around valentine’s day, so he prepares to make more chocolates in february. which economic concept lies behind jack’s decision to make more chocolates in february?

a. equilibrium
b. law of demand
c. law of supply
d. negative externality
e. positive externality

Answer 1

Jack's decision to make more chocolates in February is based on the economic concept of law of supply.

Step-by-step explanation:

Jack's decision to make more chocolates in February is based on the economic concept of law of supply. The law of supply states that as the price of a good increases, suppliers are willing to produce and sell more of that good. In this case, Jack expects the price of chocolates to increase around Valentine's Day, so he prepares to make more chocolates in February to take advantage of the higher prices.