Question

Place each statement with the label that best describes it. Each label matches one statement and each statement is used only once.

Change in quantity supplied -- Change in supply -- Change in quantity demanded -- Change in demand
a- The price of lamps increases, so lamp producers increase the number of lamps they produce.
b- The price of lamps increases, and lamp sales in Urtown drop.
c- Lamps become much more profitable to make, so furniture makers make fewer tables and more lamps.
d- Many people are buying bigger houses, and lamps sales increase.

Answer 1

Statement a describes a change in quantity supplied. Statement b describes a change in quantity demanded. Statement c describes a change in supply. Statement d describes a change in demand.

Step-by-step explanation:

Statement a describes a change in quantity supplied. An increase in price leads to an increase in the quantity supplied by lamp producers.

Statement b describes a change in quantity demanded. An increase in price leads to a decrease in the quantity demanded of lamps.

Statement c describes a change in supply. An increase in profitability for making lamps leads to furniture makers reducing the production of tables and increasing the production of lamps.

Statement d describes a change in demand. An increase in people buying bigger houses leads to an increase in the demand for lamps.