Which of the following statements best describes how the law of 'Supply & Demand' sets the price of a product? Monopolies control all aspects of an industry & set the price according to what made them the most profit.

Henry Ford introduced the 'assembly line' which made the production of automobiles faster & cheaper therefore the price of automobiles dropped.

When oil was discovered in east Texas, the price of the nearby land skyrocketed due to its limited availability & the increased want to drill for oil to hopefully strike it rich.

Supply & Demand has no affect on setting the price of products that are bought & sold.

6) why do you think the battle of concord was important of the patriot soldiers?

10. problems and applications q10 consider public policy aimed at smoking. studies indicate that the price elasticity of demand for cigarettes is about 0.2. if a pack of cigarettes currently costs $5 and the government wants to reduce smoking by 10%, it should increase the price by % . if the government permanently increases the price of cigarettes, the effect on smoking 1 year from now will be than the effect 5 years from now. studies also find that teenagers have a higher price elasticity of demand than do adults. which of the following statements are consistent with this result? check all that apply. it is legal for adults to consume alcohol, so many choose to spend their money on that good rather than cigarettes. teenagers do not have as much income as adults, so they are more price sensitive. adults are more likely to be addicted to cigaret

Although ohio is considered a state, it is different from a country such as japan, which is also considered a state. what makes ohio different from japan?